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Resolution No. 99-102 <br />Page Two <br /> <br />Section 1: Council approves the "Joint Exercise of Powers Agreement Creating the East <br /> Bay-Delta Housing and Finance Agency" (the "Agreement") in substantially the <br /> form attached hereto and authorizes the City Manager to execute the agreement to <br /> affirm the City's participation in the joint powers authority and housing <br /> lease-purchase program. <br /> <br />Section 2: The following criteria shall be used in implementing the lease-purchase program in <br /> the City of Pleasanton: <br /> <br /> · The maximum annual income cannot exceed 140% of area median income (AMI) <br /> according to household size (currently $92,000 for a family of four; January 1999). <br /> The income limits shall be adjusted annually based on statistics issued by the U.S. <br /> Department of Housing and Urban Development for the Oakland Primary <br /> Statistical Area, which includes the counties of Alameda and Contra Costa. <br /> <br /> · Participants may be prior home owners; however, a priority will be placed on <br /> assisting first-time home buyers. <br /> <br /> · The program can be used to purchase existing (resale) or new homes of any <br /> housing type located with the then-current incorporated areas of the City of <br /> Pleasanton. <br /> <br /> · The program will not be restricted to a single lender and will be open to multiple <br /> lenders. <br /> <br /> Section 3: This resolution shall become effective immediately upon its passage and adoption. <br /> <br /> I HEREBY CERTIFY THAT THE FOREGOING WAS DULY AND <br /> REGULARLY ADOPTED BY THE CITY COUNCIL OF THE CITY OF PLEASANTON, AT <br /> A MEETING HELD ON JULY 20, 1999 BY THE FOLLOWING VOTE: <br /> <br /> <br />