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• Copy of the executed purchase agreement submitted to City • Copy of loan qualification letter for first mortgage submitted to City • Evidence of borrower's 3% down payment provided to City • Borrower completes homebuyer training DPA program funds are allocated on a "first-come, first-served" basis. Therefore, it is possible that the five prospective borrowers under category 5 in the table below may not have funding available by the time they locate suitable properties (until such time as the City is able to identify additional funding from state and/or local sources). Borrower Category Low Mod Funds Required (50/50 City/CaIHFA) 1 Fifth buyer (recently closed escrow) 1 0 $60,000 2 Pre-approved borrowers expected to open escrow soon 1 1 $100,000 3 Birch Terrace buyers (in contract) 1 1 $100,000 4 Birch Terrace buyers (anticipated) 4 1 $280,000 5 Pre-approved borrowers actively searching for properties 4 1 $280,000 11 4 $780,000 If the program continues to be successful and interest remains high, the City may need to consider additional funding options, including the further allocation of City funds from the Lower Income Housing Fund as well as a future application for additional HELP funds from CaIHFA. Staff will continue working with the Housing Commission on these matters. In general, the proposed amendments will make the DPA program more successful and user-friendly. If approved by the City Council, staff will begin implementing the new guidelines immediately. FISCAL REVIEW Submitted and Approved by: ~~ c ~,~ avid P.~ul r Finance Director teven Bocian Assistant City Manager ~~ Nelson Fialhc City Manager Attachments: 1. Recommended Amended DPA Program Guidelines 2. DPA Program Guidelines with Highlighted Amendments 3. April 17, 2007, Minutes from the City Council (Excerpt) 4. September 20, 2007, Minutes from the Housing Commission (Excerpt) Page 6 of 10