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Discussion The following table provides a history and timeline of the DPA program: November 2003 Ca1HFA provided an initial allocation of $450,000 to the DPA program through its HELP (Housing Enabling Local Partnerships) program. These funds were matched with $150,000 in Ci funds for a total loan ool of $600,000. November 2004 - Response to the DPA program was slow due to the cost of market rate housing and the March 2006 low stock ofbelow-market priced units. Only four (4) loans were issued between November 2004 and March 2006 3 low income; 1 moderate income . November 2006 The remaining unused HELP allocation ($359,000) was terminated by CaIHFA in November 2006 after two one- ear extensions. A ri12007 The Ci submitted a second a lication to Ca1HFA for $250,000 in HELP funds. Apri12007 The City Council approved $200,000 in additional City funds to provide interim funding so that the DPA program could continue. In addition, the maximum loan amount was tem oraril reduced from $60,000 to $20,000. January -August Twelve (12) new applications were received (the majority after July 2007 when interest 2007 in the ro ram a eared to s ike . Two of these were determined to be ineli ible. August 2007 The City received approval for its second HELP application in the amount of $250,000, creatin a total loan ool of $450,000 in combination with the $200,000 in Ci funds. August - All $450,000 in the DPA loan pool were expended and/or committed as follows: November 2007 • Seven (7) loans to buyers of Birch Terrace BMR townhomes (5 low; 2 moderate) • One (1) loan to the buyer of a resale BMR home in Canyon Creek (1 low income) • Three 3 loans to bu ers of market-rate homes 21ow; 1 moderate November 2007 - Staff has continued to receive frequent inquiries (e.g., 3-5 per week) from interested Present parties who want to apply for a DPA loan. Most appear to be ready to purchase specific properties but need some type of additional secondary financing. These trends support a continuation of the sur a in activi and interest ex erienced since Au ust 2007. In addition to the inquiries that staff continues to receive, the City issued eight (8) pre-approvals between mid-2007 and November 2007 when the funds ran out. Although some of these applications are no longer active, staff does not currently have funds to provide to these applicants should their property transactions move forward. The following tables provide a financial summary of the DPA program since its implementation: 2003 HELP Allocation $450 000 Loan No. Closing Date Total Loan HELP Funds City Funds DPA01 Dec 2004 $40,000.00 $30 000.00 $10,000.00 DPA02 Jun 2005 $40,000.00 $30 000.00 $10,000.00 DPA03 Nov 2004 $20,000.00 $15 000.00 $5,000.00 DPA04 Mar 2006 $32,000.00 $16 000.00 $16,000.00 Used: $91.000.00 $41,000.00 (Returned to CaIHFA Nov 2006:) $359,000.00 Page-2-