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Attachment 4 <br />THE CITY OF <br />o~~::llri ~ ,,, <br />j~L~ ~S~4NTON® <br />Housing Commission <br />Minute Excerpts <br />SUBJECT TO APPROVAL] <br />City Council Chambers, 200 Old Bernal Ave., Pleasanton, CA <br />March 15, 2007 <br />7:00 p.m. <br />Due to a malfunctioning recorder, <br />only summary action minutes were prepared for this meeting. <br />8. PUBLIC HEARINGS AND OTHER MATTERS <br />D. Update Regarding the City's Down Payment Assistance Program <br />Steven Bocian presented this item providing background on the Down Payment <br />Assistance program and the status of project funding. "fhe report identitled a number of <br />options For addressing the current funding situation. <br />"fhe Commission discussed a number of funding and program options including using <br />City funding on an interim basis until a decision is made on the IIELP grant. <br />Commissioner Stark indicated that the real estate market might be changing in a way that <br />makes these programs more advantageous for homebuyers. <br />It was moved by Vice Chairperson Stark, seconded by Commissioner Jones, to <br />approve utilization of the Lower Income Housing Fund to establish a program pool <br />of $200,000 to fund the program on an interim basis until the California Housing <br />Finance Agency (Ca1HFA) provides a response concerning the City's new <br />application for HELP funds. In addition, the Commission should review the <br />program looking particularly at various types of first home mortgages that may be <br />conducive to the program, to modify the loan amounts and to maximize grant <br />funding. Motion carried unanimously. <br />