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California Health and Safety Code Section 52001. <br /> <br /> The California State Legislature has additionally found <br /> and declared that <br /> <br /> it is necessary and essential that counties and cities be <br /> authorized to directly and indirectly make long-term, <br /> low-interest loans to persons not presently eligible for <br /> financing through private sector lending institutions to <br /> finance construction, rehabilitation, and acquisition of <br /> homes in order to encourage investment and upgrade local <br /> areas. <br /> <br />California Health and Safety Code Section 52002. <br /> <br /> It is the policy of the City of Pleasanton to utilize <br />its single family housing assistance program to further the <br />states policies of the California State Legislature. <br /> <br /> To insure that qualified mortgage bond issues assist <br />lower income families to afford home ownership, California law <br />provides that a city or county that administers a home financing <br />program must establish criteria for qualification of persons and <br />families for participation in such program. The criteria must <br />include a maximum household income, which maximum shall not <br />exceed one hundred fifty percent of median household income <br />(defined as the highest of (A) statewide median household income, <br />(B) countywide median household income, or (C) median household <br />family income for area as determined by the United States <br />Department of Housing and Urban Development) for mortgagors who <br />will be the first occupant of a home, one hundred twenty percent <br />of the median household income for mortgagors who will not be the <br /> <br /> - 3 - <br /> <br /> <br />