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These efforts resulted in a fourth loan 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 addition, five (5) new preliminary applications were received between January and October 2006; however, while they have been prequalified to receive a loan, none of these applicants have yet been able to find a suitably priced home. DISCUSSION As described above, a total of four (4) loans have been issued since the program was first initiated. Three loans were provided to low income buyers (with incomes at or below 80% of the Area Median Income, or AMI) while the most recent loan went to a moderate income buyer (120% of AMI). Loan activity is summarized in the following table: STATUS OF DPA PROGRAM Property Location Closing Date Total Loan HELP City Income Level Wcst La oon Rd. Nov. 2004 $40,000 $30,000 $10,000 Low Shad Mill Ln. Dec. 2004 $40,000 $30,000 $10,000 Low West Lagoon Rd. Jun. 2005 $20,000 $ 15,000 $5,000 Low Arro o Ct. Mar. 2006 $40,000 $20,000 $20,000 Mod $140,000 $95,000 $45,000 Available Funding $0 $105,000* *nassed on Council initial approval of $20Q000. To continue utilizing the remaining funds from the original HELP allocation, staff submitted another request to CaIHFA in late October 2006 for a second extension. However, CaIHFA subsequently denied the request. Copies of the City's letter and CaIHFA's response are included as Attachment 2. As noted in the City's extension request letter, staff has remained optimistic that it 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 condominium conversions (e.g., Stoneridge Apartments), and a perceived increased demand for the DPA program. However, since its inception, program interest and optimism has been high and as a result, while 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. As a result, the City was encouraged to reapply for program funding and in fact the City Council authorized the grant application in March 2007. Page 4 of 6