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minutes from the meeting). Vice Chairperson Stark attended the meeting to support the <br />Commission's recommendation and provide information to the Council. <br />As noted in the attached minutes, the Council took action to approve interim or continued <br />funding for the DPA program pending word from Ca1HFA regarding the disposition of the <br />City's recent application for HELP funds. However, the Council stressed that staff should <br />intensify its efforts to market the program. The Council also wanted the Housing Commission <br />to review the program in the near future to develop improvements to maximize its success. <br />Discussion <br />The purpose of this agenda item is to follow through with the direction provided by the Council. <br />This item was not scheduled earlier because the City did not receive notification from Ca1HFA <br />that the new HELP grant had been approved until last month. <br />DPA Program Status Update <br />The attached Council staff report provides background regarding the DPA program. The <br />following bullet points provide a further update: <br />• Four (4) actual loans were issued since the program was begun in December 2004. <br />• Seven (7) pre-approvals were issued in calendar year 2006. However, no follow-ups were <br />received and these applications have all been rendered inactive. <br />• Twelve (12) new applications have been received since January 2007 (the majority since <br />July when interest in the program appeared to spike). Two (2) of these were either ineligible <br />or incomplete and are currently inactive. <br />• Of the ten (10) currently active applications: <br />- Two (2) buyers have put in offers and are expected to open escrow within the next <br />several weeks. <br />- Three (3) are from the first three buyers of Birch Terrace below-market priced homes. <br />- The remaining five (5) are actively searching for properties. <br />- Five (5) of the active applications are from low income households and five (5) are <br />from moderate income households. <br />• Staff anticipates receiving four (4) additional applications within the next several months for <br />the remaining four Birch Terrace units that are not yet under contract. <br />Program Features <br />The DPA program benefits buyers in several key ways: <br />Page-2- <br />