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loan amount that what is now being recommended. He advised that based on analysis conducted by staff, a maximum loan of $20,000 is now being recommended. A copy of the Down Payment Assistance program guidelines was reviewed by Commissioners. Commissioner Harris discussed with Mr. Bocian reasons the program initially had no takers and how it became a popular program when teamed with City funds for assisting with below-market home ownership. Mr. Bocian felt that funds allocated from the Lower Income Housing Fund to provide continued funding to the DPA program should not be depleted as rapidly as they had in the recent allocation. Elaine Mackenzie, Pro Mortgage Group, 1824 Holmes Street, Livermore, addressed the Commission. She advised that she has been a Pleasanton resident for 12 years and is a real estate professional in the mortgage business. She requested the Commission consider continuing the Down Payment Assistance program, which she felt was helpful to those first-time buyers who are now able to look at purchasing a home in Pleasanton but have been prevented in recent years due to an unfavorable market. Ms. Mackenzie felt that any assistance offered to first-time buyers was very helpful and important. A motion was made by Commissioner Harris, seconded by Vice-Chairperson Casey, to approve modifications to the Down Payment Assistance (DPA) loan program to create a new maximum of $20,000 for loans that are funded 100% from City funds, and approve the allocation of $300,000 from the Lower Income Housing Fund to provide continued funding to the DPA program. ROLL CALL VOTE: AYES: Commissioners Harris, Hodgett, Jones, Mermelstein, and Vice Chairperson Casey NOES: None ABSENT: Chairperson Stark ABSTAIN: None Page-2-