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City of Pleasanton <br /> <br /> Second Mortgage Home Loan Program <br /> <br /> Guidelines and Summary <br /> <br /> Rotary Commons <br /> <br />The City of Pleasanton has established a Second Mortgage Home Loan Program designed to <br />assist families with lower incomes in acquiring home ownership. This document summarizes <br />the main features of the program. Specific requirements are stated in City regulawry agreements <br />described later in this summary. Program guidelines are subject to change and/or interpretation <br />by the Pleasanton City Council and/or the City Manager. <br /> <br />· Purpose of the Program <br /> <br /> The City of Pleasanton has established a Second Mortgage Home Loan Program which <br /> is designed to provide financial assistance in the form of a second mortgage loan with <br /> waived and/or below market interest payments to supplement financing needed to acquire <br /> a home loan. The total second mortgage loan available from the City may not exceed <br /> 10% of the value of the residence at the time of its sale. It is hoped that this financial <br /> assistance will enable persons who would not otherwise qualify for home ownership to <br /> do so. The assistance is restricted to certain residences preapproved by the City. <br /> <br />· Basic Program Outline <br /> <br /> First, the City identifies the specific residence(s) for inclusion in the program. After all <br /> details have been resolved with the project's developer, the City Council approves the <br /> assistance levels and in most cases secures the services of a program administrator <br /> company to advertise and assist in processing loan applications and regulatory documents. <br /> As a result, all loan applications and information will be provided by a marketing agent <br /> and not directly from the City. These guidelines pertain to the seven home development <br /> called Rotary Commons which is located at Concord and Palomino Drive. <br /> <br /> Second, as part of the marketing process, applications will be accepted by the program <br /> administrator/agent and individuals will be placed in preference categories as outlined in <br /> this document. Following the weighing of preferences, applicants will be selected and <br /> offered an opporUmity to purchase the property. All persons interested in participating <br /> in the program will be required to complete an application and submit financial <br /> information for income verification. There is a non-refundable $25.00 application fee <br /> that must be paid with submittal of any application. <br /> <br />September 7, 1993 Page 1 <br /> <br /> <br />