Laserfiche WebLink
REPORT CONCERNING SINGLE FAMILY <br /> MORTGAGE REVENUE BOND PROGRAMS <br /> <br /> The following report summarizes the City of Pleasanton~s <br />policies with respect to housing, development and low-income <br />housing assistance and reports on the City~s compliance with the <br />intent of Congress that qualified mortgage bond issues assist <br />lower income families to afford home ownership before assisting <br />higher income families. <br /> <br /> I. STATEMENT OF POLICY WITH RESPECT <br /> TO HOUSING, DEVELOPMENT AND <br /> LOW-INCOME HOUSING ASSISTANCE <br /> <br /> The California State Legislature has found and declared <br />that <br /> <br /> there exists within the State of California a serious <br /> shortage of decent, safe, and sanitary housing which is <br /> affordable to many persons in the state. This shortage is <br /> exacerbated during periods of rising interest rates, <br /> particularly as high interest rates have the effect of <br /> diminishing the number of otherwise creditworthy buyers from <br /> qualifying for private sector mortgage capital sources. In <br /> order to remedy this adverse effect on potential home buyers <br /> on the lower end of the purchasing spectrum, it is necessary <br /> to implement a public program to reduce the cost of mortgage <br /> financing for the single-family purchases for those persons <br /> unable to compete for mortgage financing in the conventional <br /> mortgage market. <br /> <br /> - 2 - <br /> <br /> <br />