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THE CITY OF ` j~L£~S~NTON® CITY COUNCIL AGENDA REPORT March 20, 2007 Assistant City Manager TITLE: ADOPT A RESOLUTION AUTHORIZING THE SUBMITTAL OF TWO APPLICATIONS FOR STATE HELP (HOUSING ENABLED BY LOCAL PARTNERSHIPS) PROGRAM FUNDS: 1) TO PROVIDE INCREASED FUNDING FOR THE CITY'S HOUSING REHABILITATION PROGRAM FOR LOW INCOME PLEASANTON HOME OWNERS; AND 2) TO PROVIDE CONTINUED FUNDING FOR THE CITY'S DOWN PAYMENT ASSISTANCE PROGRAM FOR LOW AND MODERATE INCOME PLEASANTON HOME BUYERS. SUMMARY This report describes the HELP (Housing Enabled by Local Partnerships) program and the Notice of Funding Availability published by the California Housing Finance Agency (CaIHFA) in February 2007. The report includes a recommendation to authorize staff to prepare and submit two applications to CaIHFA for funding through the HELP (Housing Enabled by Local Partnerships) program to be used: 1) to provide increased funding for the City's Housing Rehabilitation Program for low income Pleasanton home owners; and 2) to provide continued funding for the City's Down Payment Assistance program for low and moderate income Pleasanton home buyers. RECOMMENDATION 1) Adopt the attached resolution approving the submittal of two applications to the California Housing Finance Agency (CaIHFA) for funding through the HELP program; and 2) Authorize the City Manager to sign all documents related to the funding applications. FINANCIAL STATEMENT If the two HELP applications are approved by CaIHFA in the amounts requested, the City of Pleasanton will receive up to $700,000 in State HELP funds. There would be no direct fiscal impact to the City as a result of submittal of the applications. Once the local programs are implemented, the terms of the individual loans would mirror the terms of the CaIHFA's loans to the City; therefore, no additional future fiscal impacts are anticipated.