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CITY COUNCIL OF THE CITY OF PLEASANTON <br />ALAMEDA COUNTY, CALIFORNIA <br />RESOLUTION NO. 91-92 <br />RESOLUTION APPROVING CONCEPT FOR PARTICIPATING <br />IN CITY-ASSISTED PROGRAM FOR SECOND MORTGAGES <br />ON MODERATE INCOME HOUSING UNITS FOR FIRST- <br />TII~~ HOMEBUYERS <br />WHEREAS, the City has received a request to use Lower Income <br />Housing Funds to finance second mortgages for ten new <br />townhomes which as a condition of approval for the <br />project, were required to be priced such that moderate <br />income households could purchase the units; and <br />WHEREAS, the second mortgages would be used to bridge the 15% <br />"gap" between a minimum 5% down payment and an 80% first <br />mortgage; and <br />WHEREAS, City Block Grant Funds are not an eligible funding source <br />for the proposal due to the requirement that the Funds <br />are for lower-income households and the price of the <br />proposed units fall within the moderate-income household <br />level; and <br />WHEREAS, aCity-assisted second motgage could possibly be used in <br />conjunction with the County administered Mortgage Credit <br />Certificate program. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br />Section 1: The City Council approves in concept its participation <br />in a City-assisted second mortgage loan program for <br />housing units for first-time homebuyers of moderate <br />income. <br />Section 2: Council directs staff to prepare the enabling <br />documents, ordinances and resolutions to implement the <br />program. <br />Section 3: This resolution shall become effective immediately <br />upon its passage and adoption. <br />