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THE CITY OF Housing Commission <br />' Staff Report <br />~ ~ :~~ _~n <br />L~ ~S~4NTONo September 20, 2007 <br />Item 8B <br />SUBJECT: <br />STAFF RECOMMENDATION: <br />ATTACHMENTS: <br />Background <br />Recommendation Regarding Potential <br />Modifications to the City's Down Payment <br />Assistance Program <br />Staff recommends that the Commission: <br />1) Eliminate the co-signer restriction except in cases <br />where the DPA program is used in conjunction with <br />specific below-market priced homes that are sold <br />through the Pleasanton Homeownership Assistance <br />Program (PHAP); <br />2) Modify the term of the first 10-year loan to defer all <br />payments with no accrued interest for the first two <br />years with payments fully amortized over the <br />remaining eight years of the loan; <br />3) Utilize a 50/50 split between City and HELP funds for <br />all DPA loans; and <br />4) Increase the maximum loan amount for moderate <br />income buyers from $40,000 to $60,000. <br />1. City Council Staff Report and Minutes Regarding <br />Funding for the Down Payment Assistance program <br />(April 17, 2007) <br />At the March 15, 2007, meeting, the Commission discussed and formulated a recommendation <br />to the City Council regarding funding for the City's Down Payment Assistance (DPA) program. <br />The DPA program is a key element in the City's programs for below-market home ownership. <br />The item was reviewed by the Council at its meeting of April 17 (see attached staff report and <br />Page -1- <br />