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SR 06:116
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SR 06:116
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4/13/2006 3:57:13 PM
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4/13/2006 3:40:56 PM
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CITY CLERK
CITY CLERK - TYPE
STAFF REPORTS
DOCUMENT DATE
4/18/2006
DESTRUCT DATE
15 Y
DOCUMENT NO
SR 06:116
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<br />. <br /> <br />V. Financial Activities <br /> <br />A. Direct financial assistance 10 projects or activities which are related to one or <br />more of the categories described elscwheze in these policies (e.g., assistance to <br />housing development corporations, equity participation loans, grants, <br />subsidization, redevelopment loan funds, participation leases, loans to develop <br />affordable housing or other public/private partnership arrangements). <br /> <br />B. Provision of funds to the City's Second Mortgage Home Loan Program to provide <br />financial assistance in the fonn of second mortgage loans (maximum 20" of sales <br />price) with defened and/or below market interest payments to supplement the <br />financing needed to acquire a home loan. The assistance shall be related to <br />homes sold at lower-income or modente income sale.s prices through participation <br />in the Pleasanton Homeownership J,mllhlnce Program (PHAP). <br /> <br />C. Encumbrance of specified amount(s) of the Housing Fund as a guarantee for loans <br />against properties related to projects which are consistent with these policies. <br /> <br />D. Encumbrance of specifLed amount(s) of the Housing Fund as a mechanism to <br />leverage funding from other sources to finance projects which are consistent with <br />these policies. <br /> <br />City Couadl Approval Required <br /> <br />The use of Housing Funds for any activity shall be subject to ~w and approval by the <br />City Council on a case.by-casc basis to ensure consistency with Chapter 17.40 and with these <br />policies. The application of these policies shall similarly be subject to the provisions and <br />requirements of Cbapter 17.40. As a condition of funding for any individual case, the city <br />council may require the execution of an agn:emcnt between the City and the beneficiary to <br />establish standards and restrictions for the use of Housing Funds, commitments to use the <br />funding for its intended purpose, provisions for repayment of funds (e.g., upon resale of <br />property), etc. <br /> <br />(bodIbool9497....loI\I <br />r... 29. 1994 <br /> <br />4 <br />
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