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Attachment 1 THE CITY OF C ~ L1A~-~1re~e~~ fua¢ ~l ~YIro4':9m~":i~11~P "' ~ PL~E ~lS~4NTONr Down Payment Assistance Program Guidelines The program provides financial nssistance to low and moderate income home buyers in the form of n 3 % partially deferred loan. (Pleu.re retuirl fr~r ynm• recnrcls/ I. The program is restricted to the purchase of single-family residences which include condominiums, mobile homes, town homes, and single units that are part of a couplet or duet, multi unit structures (duplexes, triplexes, etc.) where more than one unit is being purchased but not eligible. Homes purchased must be located in the C ity of Pleasanton. The homebuyer is responsible for obtaining a tirst mortgage with a CaI11FA-approved lender (sec ww~~~.crhl~i.~a.aov%Icn_ilcrs) at a fixed interest rate with no negative amortization, balloon payment or adjustable rate features. 2. The program is available to lust-time homebuycrs and buyers who have owned a home in the past with resale restrictions through the Pleasanton I lomeownership Assistance Program (PHAP). I Iowever, in the event of a competing interest for finding, a priority will be given to first-time homebuycrs. First-time homebuyer is defined as a household where not more than one member of the household has held an interest in residential property provided no member of the household has been the sole owner of residential property. For a single head of household, the homebuyer must not have been a sole owner oCresidential property. 3. E3orruwer must meet the income eligibility limits set by the program in order to qualify for City assistance. Maximum loan amounts arc determined by household size and income. Households earning Icss than 80% of the Area Median Income (AMI) shall be eligible for up to $60,000 in down payment assistance. A household earning between 80% and 120% of AMI shall he eligible for up to $40,000 in down payment assistance. Maxilmun income limits arc adjusted for household size. Loan amounts arc further limited to a maximum of 20% of the total purchase price. t3orrower must provide sufficient documentation of income to the City for use in determining the borrower's income level. Final determination of an applicants income level and program eligibility shall be the sole discretion of the City. ~fotal Household Income means the total income of all residents of the household based on the following: Household members include individuals who will be living in the affordable home including the head of household, spouse, children, or others listed, as dependents on federal tax forms, extended family members, and other adults who are also purchasing the property. Annual household income includes the income of all household members over the age of 18 years who will be residing in the home. Annual household income includes all income for the current calendar year to date (at the time of application submittal) plus the households