RES 96144 - Laserfiche WebLink

Maximum Loan Amount The primary purpose of the CASA program is to'facilitate home ownership for households in which the buyer's available funds and capacity for financing are insufficient to enable the purchase of a home. Therefore, the amount of an individual CASA loan shall not exceed the amount necessary to bridge the gap between the down payment and the amount of the primary mortgage. In any case, no individual CASA loan shall exceed $20,000. CASA loans may not be combined with gifted funds or seller "take-backs" but may be coordinated with a Mortgage Credit Certificate (MCC). Target Households Eligibility for assistance through the CASA program shall be limited to households whose gross annual income does not exceed $58,400 (100% of the median income level for a typical household of four persons). If response to the program is high and applications exceed the amount of funding available, a priority will be assigned to "low income" households with annual incomes at or below $46,700 ("low income," or 80% of the median income level for a household of four persons). These income standards will be adjusted annually according to figures issued by the federal government for the Oakland Primary Metropolitan Statistical Area (PMSA), which includes Alameda and Contra Costa counties. Eligibility shall be restricted to first time buyers as defined in the City's existing affordable home ownership programs. Specifically, a first time buyer shall be considered to be any individual who has not previously been the sole owner of residential property within the past five years. In addition, buyers shall be owner occupants. The rental of a property purchased with the assistance of a CASA loan shall not be allowed. If response to the program is high and applications exceed the amount of funding available, the City will use its preference system to determine a priority for granting assistance. This system, which has been used by the City in prior affordable housing projects, assigns priority to current Pleasanton residents and/or employees of Pleasanton businesses. Housing Type Restrictions CASA loans may only be used to purchase existing homes which are located within the current Pleasanton city limits (i.e., the incorporated areas of the City of Pleasanton). The program may not be used for the purchase of newly constructed homes. The program may be used for any type of ownership housing, including single family homes, duet homes, townhomes, and condominiums.