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House Sales Price Trends. 2001-2006 <br />$900,000 <br />$800,000 <br />$700,000 <br />W <br />$600,000 <br />a <br />N <br />a $500,000 <br />N <br />$400,000 <br />$300,000 <br />$200,000 <br />2001 2002 <br />2003 2004 2005 <br />YEAR <br />2006 <br />Market Median Price <br />(Single Family) <br />Market Median Price <br />(Condos) <br />Max Price • Low Inc (80% <br />AMI) <br />- -Max Price • Low Inc (80% <br />AMI; with $60k DPA loan) <br />Max Price -Mod Inc (120% <br />AMI) <br />Max Price -Mod Inc (120% <br />AMI; with $40k DPA loan) <br />NOTES: Maximum affordable sales prices for low and moderate income households are based on the current <br />Area Median Income (AMI) for the Oakland Primary Metropolitan Statistical Area (PMSA) for a household of five <br />persons, a 3% down payment, a 30-year fixed rate loan at 6.00% annual interest, and a maximum of 40% of the <br />gross income going toward PITT (principal, interest, taxes, and insurance). <br />In spite of significant outreach efforts, the City issued only three loans during the initial <br />two-year CaIHFA commitment period. In October 2005, staff submitted a request to <br />CaIHFA for aone-year program extension. This request was subsequently approved by <br />CaIHFA, extending the program funding deadline to November 2006. <br />As a result of concerns regarding the lack of loan issuances, staff increased its <br />marketing efforts including the production and distribution of a color program brochure <br />and printed guidelines, direct mail-outs to persons interested in the home ownership <br />opportunities, postings on the City's web site, promoting the program through the new <br />Tri-Valley Housing Opportunity Center, and presentations at several local and regional <br />meetings and real estate roundtable events. <br />Page 3 of 6 <br />