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median household income, and provided that this limit may be <br />increased to eighty percent of median household income). <br />California Health and Safety Code Sec. 50189(b). <br /> <br /> City of Pleasanton plans to issue qualified single <br />family mortgage bonds in 1985 in furtherance of the above-stated <br />policies of the California State Legislature and in conformance <br />to the following policies and goals: <br /> <br /> (i) Targeting of Proceeds Accordinq to Income. <br /> <br /> None of the proceeds of the Bonds will be targeted to low- <br /> and moderate-income families. Low-income families means <br /> families earning 50% or less of median income; moderate <br /> income families means families earning between 50% and 80% or <br /> median income. Median income is determined by the Secretary <br /> of Housing and Urban Development and means $35,250 as of <br /> December 31, 1984. Under state law, the issue will comply <br /> with the applicable income standards of 120% and 150% of <br /> median income. <br /> <br /> (ii) Method of Targeting Proceeds. <br /> <br /> No specific targeting method will be used. Instead the <br /> agency will follow the guidelines established under state law <br /> for the bond program. <br /> <br /> (iii)Other Pertinent Information. <br /> <br /> See Section A(iii). <br /> <br />C. COMPLIANCE WITH PREVIOUS REPORT <br /> <br /> City of Pleasanton has not published a Policy Report <br />under Section 103A prior to this Policy Report. ' <br /> <br />D. COMPLIANCE WITH INTENT OF CONGRESS <br /> <br /> On September 21, 1984, Pleasanton-Suisun City Home <br />Financing Authority issued Single Family Mortgage Revenue Bonds <br />in the aggregate principal amount of $20,695,726.23 (the "1984 <br />Bonds") in an effort to assist lower-income families to afford <br />home ownership. The following information is provided with <br />respect to the 1984 Bonds: <br /> <br /> The Agency's Home Mortgage Financing Program (the <br />"Program") is intended to provide permanent financing to "first <br />time homebuyers" who intend to occupy a Home as a principal <br />residence (except that 10% of the Home Mortgages may be made to <br />persons who do not qualify as "first time homebuyers"). First <br />time homebuyers are defined as persons who have not had a present <br />ownership interest (as defined in the Home Mortgage Purchase <br />Agreements) in any principal residence during the three years <br /> <br /> <br />