RES 85101 - Laserfiche WebLink

prior to the execution of the Home Mortgage. The Household Income of the mortgagor of a Home located in the City of Pleasanton may not exceed 120% of the applicable median income in the case of new Homes; the Household Income of the mortgagor of a Home located in the City of Suisun City may not exceed 150% of the applicable median income in the case of new Homes. The Authority has determined that the applicable median income is currently $36,000 for the City of Pleasanton (120% is currently $43,200) and $29,300 for the City of Suisun City (150% is currently $43,950). Lower limitations are applicable in the case of existing Homes. The purchase price of Homes may not exceed 110% of the applicable Average Area Purchase Price. As of the date hereof the safe harbor average area purchase prices published by the Internal Revenue Service are $153,110 for new Homes (110% currently equals $168,410) and $149,200 for existing HOmes (110% currently equals $164,120) for the City of Pleasanton and $119,800 for new Homes (110% currently equals $131,780) and $119,700 for existing Homes (110% currently equals $131,670) for the City of Suisun City. On August 11, 1982, Pleasanton-Newark Home Financing Authority issued Single Family Mortgage Revenue Bonds in the aggregate principal amount of $25,340,000.00 (the "1982 Bonds") in an effort to assist lower-income families to afford home ownership. The following information is provided with respect to the 1982 Bonds: The Agency's Home Mortgage Financing Program is intended to provide permanent financing to "first time homebuyers" who intend to occupy a Home as a principal residence. Pursuant to this, each Home Mortgage originated by a Lending Institution must be made to an obligor (1) who intends to occupy the residence financed by the Home Mortgage within sixty days after the date of the Home Mortgage and who intends to occupy such residence as such obligor's principal residence, (2) who does not intend to use such residence in a trade or business, or an investment property, (3) who has not had a present ownership interest in a principal residence for the three years preceding the date of the Home Mortgage, (4) who has not had a prior mortgage or loan on such residence at any time prior to the execution of the Home Mortgage, and (5) whose maximum household income does not exceed the limits set forth below. In addition, each Home Mortgage must be for the purpose of financing a residence located within the geographical boundaries of the City of Pleasanton or the City of Newark, the acquisition cost of, which does not exceed 90% of the average area purchase price for new residences (presently $114,210) if such residence has not been previously occupied or for existing residences (presently $96,660) if such residence has been previously occupied. No more