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2007 HELP Allocation ($250,000): <br />Loan <br />No. Closing <br />Date Total <br />Loan HELP <br />Funds City <br />Funds <br />DPA05 Oct 2007 $60,000.00 $30 000.00 $30,000.00 <br />DPA06 Nov 2007 $45,525.00 $22 762.50 $22,762.50 <br />DPA07 Mar 2008 $60,000.00 $30 000.00 $30,000.00 <br />DPA08 Jan 2008 $33,448.00 $16 724.00 $16,724.00 <br />DPA09 Jan 2008 $32,000.00 $16 000.00 $16,000.00 <br />DPA10 Dec 2007 $41,000.00 $20 500.00 $20,500.00 <br />DPA11 Mar 2008 $41,000.00 $20 500.00 $20,500.00 <br />DPA12 A r 2008 $41,000.00 $20 500.00 $20,500.00 <br />DPA13 A r 2008 $41,000.00 $20 500.00 $20,500.00 <br />DPA14 Jun 2008 $41,000.00 $20 500.00 $20,500.00 <br />DPA15 Mar 2008 $60,000.00 $30 000.00 $30,000.00 <br />Used: $247.986.50 $247,986.50 <br />(Remaining:) $2,013.50 <br />Options for Modi , ping the DPA Program <br />Staff believes that the DPA program is a key element in the City's programs for below-market <br />home ownership. The recent increase in demand demonstrates that there is strong interest and a <br />need for this program. Staff has identified several alternatives for meeting this need: <br />1. Terminate the DPA program altogether <br />2. Add City funds to the program and maintain the existing criteria and terms (e.g., $60,000 <br />maximum loan amount, etc.) <br />3. Add City funds to the program but modify the existing criteria and terms for loans that are <br />funded 100% from City funds <br />Staff does not recommend the termination of the DPA program (Alternative 1). This program <br />continues to be an important local tool to promote home ownership, particularly given the <br />current favorable housing market. The remaining two options (Alternatives 2 and 3) are based <br />on the City continuing to fund the program 100% from local funds unless other matching <br />funding sources can be found. <br />Ca1HFA has established a policy within its HELP program that prevents cities from receiving <br />more than one allocation for the same project. Although Ca1HFA provided the City of <br />Pleasanton with a second round of funds in August 2007, this was apparently aone-time <br />exception that was regarded more as a "final extension" to give the program one more chance to <br />succeed (the agency provided renewed funds to several other cities in similar situations). <br />Therefore, staff does not anticipate the opportunity to receive HELP funds in the future. <br />Page-3- <br />