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97 <br /> <br />stay affordable. Too many times projects have been established and <br />two or three owners later, the units are up to market price. <br /> <br /> Ms. Acosta pointed out staff was trying to give the City all <br />options possible. <br /> <br /> Mr. Tarver asked for clarification on the income level. Mr. <br />Bocian indicated the percentage designated moderate income. Mr. <br />Tarver asked if there was provision for someone in the low income <br />category. Mr. Bocian said no. <br /> <br /> Mr. Tarver suggested preference be given to persons in the low <br />income level, since that is the area that should be targeted rather <br />than moderate. <br /> <br /> Ms. Acosta indicated staff has tried to target particular <br />projects and products to certain income groups so that one does not <br />get a house priced so high that the second mortgage is huge. <br /> <br /> Mr. Tarver indicated he was talking about a program that would <br />apply to other projects that might address low income needs first <br />if there is a limited pool. <br /> <br /> Ms. Acosta stressed that requirements should not be so general <br />that anyone could potentially qualify for any product. <br /> <br /> Mr. Bocian indicated that the intent was not to include that <br />in the preference categories, but to work with the marketing firm <br />to target various income groups. <br /> <br /> Ms. Scribner asked how potential buyers would be selected when <br />a house is to be resold. Mr. Bocian indicated an eligibility list <br />would be maintained by the marketing firm. When the owners notify <br />the City that they want to sell the property, there would be a list <br />of eligible buyers in order to make the transition smoothly. There <br />are some restrictions in the resale agreement that puts a time <br />limit on the period when the property has to be sold or the City <br />must buy the property. There is a time frame of 120 days from the <br />date the City is notified of the intent to sell and the date the <br />transaction is finalized. <br /> <br /> It was moved by Mr. Tarver, and seconded by Ms. Scribner, that <br />Resolution No. 92-196 be adopted, approving the guidelines for the <br />City of Pleasanton Second Mortgage Home Loan Program, as modified <br />by the Council. <br /> <br />The roll call vote was as follows: <br />AYES: Councilmembers Mohr, Scribner, Tarver and Mayor Mercer <br />NOES: None <br />ABSENT: Councilmember Butler <br />ABSTAIN: None <br /> <br />10/6/92 23 <br /> <br /> <br />