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THE CITY OF <br />- -• •- ~"' CITY COUNCIL AGENDA REPORT <br />~L£~S~4NTON- <br />December 16, 2008 <br />Assistant City Manager <br />TITLE: APPROVE THE ALLOCATION OF FEDERAL HOME FUNDS TO ASSIST <br />HOUSE, INC. TO PURCHASE ABELOW-MARKET PRICED HOME IN <br />PLEASANTON TO PROVIDE HOUSING FOR DEVELOPMENTALLY <br />DISABLED ADULTS <br />SUMMARY <br />This report summarizes a request by HOUSE, Inc., a local nonprofit agency, for funding <br />through the City's federal HOME grant to purchase abelow-market priced home in <br />Pleasanton on the Bernal Property to provide housing for developmentally disabled <br />adults. <br />HOUSING COMMISSION RECOMMENDATION <br />Approve the sale of abelow-market home to HOUSE, Inc. for the purpose of providing <br />additional housing units for developmentally disabled adults, and approve a loan in the <br />amount of $195,000 from City HOME funds to assist with the purchase. <br />COMMENDATION <br />1) Approve the attached Promissory Note (Attachment 1) in the amount of $195,000 <br />with HOUSE, Inc. for the purpose of providing funding to assist in its purchase of <br />abelow market home located on the Bernal property. <br />2) Authorize the allocation of $195,000 in HOME funds for project funding. <br />FINANCIAL STATEMENT <br />Approval of this project would commit $195,000 from the City's allocation of federal <br />HOME funds. The City receives approximately $170,000 per year and currently has <br />approximately $677,000 in HOME funds from 2005 through 2008 that have not yet been <br />committed to specific projects. <br />