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<br />Mr. Bocian said that was correct and that it would depend on the down payment. <br /> <br />Mr. Thorne inquired about how the City could assist helping residents with mortgage and <br />down payments. <br /> <br />Mr. Bocian said there are two tools the City is currently using. One is that the City has a <br />down-payment assistant program, which is through the California Housing I=inance Agency. and <br />the City provides loans for low up to moderate-income households to assist with the down <br />payment of a project, which range from $40,000 to $60,000 at the maximum. The loans are set <br />at a three percent interest rate and to be repaid within ten years. Secondly, the City has from <br />time to time approved second mortgages for specific projects, for example with the Bernal <br />homes that were recently sold, the City Council approved second mortgages up to $20,000, <br />which are funded through the City's Low Income Housing fund. The terms of those is that <br />basically the interest rate is 75% of the interest rate of the first mortgage on the property. There <br />is a five-year time period where no loan payments are due and then the loan payments begin at <br />the start of the sixth year and the loan is repaid with 15 years. Staff works from time to time with <br />local non-profits to try and link a potential buyer with a program that may be available in the <br />market place. <br /> <br />Mr. Thorne asked if these tools would be specified in the document staff would produce. <br /> <br />Mr. Bocian said yes. <br /> <br />Mr. Sullivan asked how many apartment units are currently in the City of Pleasanton. <br /> <br />Ms. McGovern noted that page four of the staff report states there are 5,040 multi-family <br />housing units in Pleasanton that are rentals. <br /> <br />Mr. Bocian stated the total number of units is 6,060 of which 5,040 are rentals of the total <br />number of multi-family units. <br /> <br />Ms. McGovern asked how many of the 5,040 units were classified as affordable units for <br />Pleasanton residents? <br /> <br />Mr. Bocian was uncertain but he would provide this information to Council. <br /> <br />Ms. McGovern also requested information on how many of the 5,040 units are affordable <br />in perpetuity so that the City would not lose them at some point in the future. <br /> <br />Mayor Hosterman declared the public hearing open. <br /> <br />Cynthia Dawn, a Livermore resident, addressed Council on her eviction from her <br />apartment in Pleasanton today by the owner of the apartment who decided on August 22 to <br />convert the apartments into condominium. She indicated that her rental agreement did not state <br />that her apartment was a condominium, which was approved for sale in 1993. She believed it <br />was unusual that she was given a 60-day notice to buy her apartment or move out and was <br />given only 15 days to decide whether she could purchase the apartment. The purchase price <br />given was $329,900 and she is currently paying $860 per month and has been paying this <br />amount for four years. She discussed the matter with a loan officer and was informed that if she <br />purchased this apartment her payment would be $2,500 per month. Had the owner informed <br /> <br />Pleasanton City Council <br />Minutes <br /> <br />9 <br /> <br />09/20/05 <br />