RES 84628 - Laserfiche WebLink

To insure that qualified mortgage bond issues assist lower income families to afford home ownership, California law provides that a city or county that administers a home financing program must establish criteria for qualification of persons and families for participation in such program. The criteria must include a maximum household income, Which maximum shall not exceed one hundred fifty percent of median household income (defined as the highest of (A) stateWide median household income, (B) county-wide median household income, or (C) median household family income for area as determined by the United States Department of Housing and Urban Development) for mortgagors who will be the first occupant of a home, one hundred twenty percent of the median household income for mortgagors who will not be the first occupant of a home (except that the city or county must assure that no less than twenty percent of such funds shall be for households whose income does not exceed one hundred ten percent of the median household income, unless the legislative body o the city or county makes certain findings). California Health and Safety Code Section 52020(d). In addition, to obtain a supplementary allocation of qualified mortgage bonds from the California Mortgage Bond Allocation Committee, proceeds of qualified mortgage bonds issued with such supplementary allocation must be used to provide mortgages to persons and families whose incomes do not exceed one hundred twenty percent of median household income for mortgagors who will be the first occupant of a home and median household income for mortgagors who will not be the first occupant (except that the issuer shall assure that no less than half of such funds shall be for households whose income does not exceed eighty percent of such median household income, and provided that this limit may be increased to ninety percent of median household income if the legislative body of the issuer finds that there are insufficient numbers of creditworthy persons whose income does not exceed eighty percent of median household income). California Health and Safety Code Section 50189(b). The City Council adopted, on October 26, 1982, the housing element of the city of Pleasanton general plan. The following excerpts from the housing element pertain to low-income housing and the development and adequacy of affordable housing in the city of Pleasanton: