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deadline. This request was subsequently approved by CaIHFA, extending the deadline to November 2006. Staff increased its efforts to market the DPA program, including the production and distribution of a color program brochure (attached) and printed guidelines, direct mail- outs to persons interested in the home ownership opportunities, posting on the City's web site, promoting the program through the new Tri-Valley Housing Opportunity Center, and presentations at several local and regional meetings and real estate roundtable events. These efforts resulted in the submittal of five (5) new preliminary applications between January and October 2006; however, none of these applicants have yet been able to find suitable homes to purchase in Pleasanton. A fourth loan was issued in March 2006 to a woman who was able to purchase the Laguna Vista condominium which she had been renting for the past 13 years. In order to continue to utilize the remaining funds from the original HELP allocation ($355,000), staff submitted another request to CaIHFA in late October for a second extension. However, the request was subsequently denied by CaIHFA. Copies of the City's letter and CaIHFA's response are attached. As noted in detail in the City's extension request letter, staff has continued to remain optimistic that we could utilize the remaining HELP funds within the next six to twelve months based on several factors, including modification of program guidelines, collaboration with the Tri-Valley Housing Opportunity Center, more aggressive marketing efforts, pending new construction (e.g., Silverstone condominiums) and condo conversions (e.g., Stoneridge Apartments), and a perceived increased demand for the DPA program. While the representative from CaIHFA was sympathetic to the City's position, there is a strong priority within the agency for ensuring that the limited HELP funds are used efficiently and on a timely basis. The City was encouraged to reapply in the future if additional funds are needed; therefore, staff intends to submit a new application to provide continued funding for the program. Given the challenges experienced in utilizing the past HELP funds allocation of $450,000, staff is proposing a more modest amount of $200,000 with the intent of applying for additional funds if needed. Of the $150,000 in City Lower Income Housing Funds originally allocated to the DPA program, $105,000 has not yet been utilized and would be combined with the HELP funds to create a loan pool. Page 4 of 5