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THE CITY OF ,.,., ~~~ ~ -. n .~. L~ ~S~4NT~No Housing Commission Minutes EXCERPT City Council Chambers, 200 Old Bernal Ave., Pleasanton, CA September 20, 2007 7:00 p.m. 8. PUBLIC HEARINGS AND OTHER MATTERS B. Recommendation Regarding Potential Modifications to the City's Down Payment Assistance Program Scott Erickson provided an update on the DPA program and an overview of the staff report. He stated that four actual loans were issued since the program was begun in December 2004. In addition, seven pre-approvals were issued in calendar year 2006. However, no follow-ups were received and these applications have all been rendered inactive. Twelve new applications have been received since January 2007 (the majority since July when interest in the program appeared to spike). Two of these were either ineligible or incomplete and are currently inactive. Of the ten currently active applications, two buyers have put in offers and are expected to open escrow within the next several weeks, three are from the first three buyers of Birch Terrace below-market priced homes, and the remaining five (are actively searching for properties. In addition, five of the active applications are from low income households and five are from moderate income households. Mr. Erickson added that staff anticipates receiving four additional applications within the next several months for the remaining four Birch Terrace units that are not yet under contract. Mr. Erickson stated that, in response to feedback received from the City Council earlier this year, staff has prepared several recommended changes to the guidelines that might make the DPA program more user-friendly and accessible. He summarized the proposed changes: 1) Eliminate the co-signer restriction except in cases where the DPA program is used in conjunction with specific below-market priced homes that are sold through the Pleasanton Homeownership Assistance Program (PHAP); Page - 1 -