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Ms. Ayala pointed out that those who rent the affordable units must requalify every year. <br />Those who qualify for the for sale units only have to qualify once and she was concerned about <br />people who may acquire the units with misinformation as their income status is never checked <br />again. <br /> <br /> Mr. Bocian explained the annual recertification process for the rental units. He continued <br />with the staff report. <br /> <br /> Mr. Brozosky asked how much the below market rate for sale units would cost if they <br />were not reserved for affordable housing. <br /> <br /> Mr. Bocian said about $450,000. The price of $199,000 was set pursuant to the <br />Affordable Housing Agremnent. The formula to set the price was developed after much <br />discussion and consideration of many factors. <br /> <br /> Ms. Ayala asked if a homebuyer, who purchased one of the affordable units, could get a <br />line of credit based on the market value of the house. <br /> <br /> Mr. Bocian said the loan could only be based on the $199,000. There is a restriction <br />recorded against the property that would be apparent to a lender. He explained that every buyer <br />has been made thoroughly aware of the restrictions and regulations on these affordable units. <br /> <br /> Ms. Ayala asked if the City would continue to manage these for sale houses? <br /> <br /> Mr. Bocian indicated some cities seek non-profit organizations to manage the homes. He <br />explained the steps necessary when a unit comes up for resale. Currently, the City of Pleasanton <br />can manage the units it has. As the inventory of below market ownership homes grows <br />regionally, there may be better management models developed and Bridge Housing is one of the <br />companies that are working on this. <br /> <br /> Ms. Ayala asked if staff would continue to monitor the procedures for the affordable <br />housing program. <br /> <br /> Ms. McKeehan said that years ago when the City started the affordable rental unit <br />program, the idea was raised that the City should be more involved in for sale units. Now that <br />may be changing back to a preference for rental units. <br /> <br /> Mr. Bocian continued with the staff report. <br /> <br /> There was discussion about the value of the City's contribution to the affordable units on <br />the Bernal Property, including the amount of acreage. Ms. Ayala felt it was important to be <br />aware of how much the City is subsidizing these units. <br /> <br />Pleasanton City Council 12 05/20/03 <br />Minutes <br /> <br /> <br />