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Staff Recommendation <br />As discussed above, staff recommends that the Commission support the following modifications <br />to the City's Down Payment Assistance program: <br />1) Eliminate the co-signer restriction except in cases where the DPA program is used in <br />conjunction with specific below-market priced homes that are sold through the Pleasanton <br />Homeownership Assistance Program (PHAP). <br />2) Modify the term of the first 10-year loan to defer all payments with no accrued interest for <br />the first two years with payments fully amortized over the remaining eight years of the loan. <br />3) Utilize a 50/50 split between City and HELP funds for all DPA loans. <br />4) Increase the maximum loan amount for moderate income buyers from $40,000 to $60,000. <br />The Commission's recommendations will be incorporated into a set of modified program <br />guidelines and will be forwarded to the City Council for final approval. <br />Page - 7 - <br />