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· Resale Restrictions <br /> <br /> If the owner intends to sell the residence, the City must be notified in writing of the <br /> owner(s) intent to sell. In accordance to a Resale Restriction Agreement signed by the <br /> owner(s) and the City at the time of purchase, the City has an option to designate an eligible <br /> purchaser for the residence or to purchase the residence itself. This option is intended to <br /> both protect the City's investment and assist the homeowner in identifying an eligible <br /> purchaser. <br /> <br /> Any sale must be to an individual(s) that qualifies for this program unless otherwise waived <br /> by the City to address an emergency or unusual situation. <br /> <br />® Preferences <br /> <br /> It is highly possible that the number of applicants for any residence may exceed the total <br /> number of residences available. As a result, a number of preference categories have been <br /> developed which assign points to specific criteria. Those individuals who have the highest <br /> point total will have first preference to the residences. In the evem there is more than one <br /> individual with the same amount of points, which is likely, a lottery will be held where <br /> names of individuals with an equal amount of points will be randomly drawn and assigned <br /> a priority. The points, except in the case of bonus points, are not cumulative. In addition, <br /> the City reserves the right to separate preference categories by income as a mean.~ of <br /> assuming that all qualified buyers with various allowable income ranges can benefit from <br /> the program. <br /> <br /> The preference categories and their associated point totals are as follows. <br /> <br />· 8 Points <br /> <br /> Households of two or more persons who live and work in the City of Pleasanton at the time <br /> of application and have lived and worked in the City of Pleasanton for at least the prior two <br /> years. (Those households where at least one of the signators to the loan documents live and <br /> work in the City of Pleasanton will qualify for this category.) <br /> <br />· 7 Points <br /> <br /> Households of two or more persons who live and work in the City of Pleasanton at the time <br /> of application and have lived and worked in the City of Pleasanton less than the prior two <br /> years. (Those households where at least one of the signators to the loan documents live and <br /> work in the City of Pleasanton will qualify for this category.) <br /> <br />September 7, 1993 Page 4 <br /> <br /> <br />