CCMIN041707 - Laserfiche WebLink

Councilmember McGovern thanked the Blue Ribbon Committee for their time and efforts in this matter. The Mayor thanked the members of the Blue Ribbon Committee for their efforts and added they were given the task to grabble with the issue of this roadway. Motion: It was m/s by Thorne/McGovern, to accept the recommendation of the Happy Valley Blue Ribbon Committee (HVBRC) for the Bypass Road realignment and adopted Resolution No. 07-107 thanking the committee for completing its purpose. Motion passed by the following vote: Ayes: Cook-Kallio, McGovern, Sullivan, Thorne, Mayor Hosterman Noes: None Absent: None 20. Consider funding for the City Down Payment Assistance Program. Assistant City Manager Steve Bocian presented the staff report and noted Pleasanton has maintained a Down Payment Assistance Program to assist first time buyers with obtaining home ownership since 2003. Recently, the City lost its program funding from the California Housing Finance Agency (CaIHFA) and this requires a reevaluation of the Down Payment Assistance program. The City has reapplied to CaIHFA for a new grant and a decision on its application will not be made until June or July of this year. The Housing Commission (HC) met on March 15 to consider the program and recommended that it be funded entirely with $200,000 from the City's Lower Income Housing fund as an interim measure to fund loan applications that may be approved over the next few months. Final decision on program amendments and funding will be determined following a decision by CaIHFA regarding the new grant application. Approval of the recommendation requires an allocation of $95,000 from the City's Lower Income Housing Fund (LIRE) to supplement the $105,000 currently available for the program. The LIHF currently has a balance of approximately $11 million that will adequately fund the additional allocation. The Council reviewed potential uses for the LIHF last April and determined that mortgage buy downsflow interest loans were an appropriate program use. Staff recommends approving the Housing Commissions recommendation and directed staff and the HC to reevaluate the DPA program concurrent with a decision from CaIHFA regarding the City's grant application. Councilmember McGovem indicated she feels the $200,000 will sit there if the City does not make some overall changes in parameters for these loans. She stated she would like to see the Housing Commission take a close look at the loan program and to make some strong recommendations to the Council as to if the loans should be increased and what that amount would be. She would like to know what it is that would make the City's loan program a viable program for the community. Councilmember Cook-Kallio stressed the need for outreach and the importance of getting loan information out to the community. City Council Minutes 11 April 17, 2007