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REACH, Julie Testa (Acquisition of Housing for Developmentally Disabled Ms. Testa introduced Norm Guest and Judy Butterly, members of the REACH organization. She thanked the Commission and the City of Pleasanton for their past support of the REACFI organization and invited members of the Commission visit the new REACH website. Ms. Testa also thanked Commissioner Hempill for attending a recent open house event for the newest residence acquired by REACH last year. She proceeded to stress the value of REACH to the community indicating that funds provided to the organization allow them to continue to provide housing for developmentally disabled residents. Ms. Testa advised that funds requested in the amount of $365,211 would allow REACH to add to its portfolio of Pleasanton residential properties for adults with disabilities, and the agency is eager to take advantage of the current favorable housing market. She also reminded the Commission that the funds loaned to REACH to purchase these properties would always come back to the City if anything were every to happen to the agency or if the use of the property changed. Ms. Testa further stressed that all funds allocated to REACH are put to good use because the population served by the organization is all low income. She noted that, if the proposed request is approved, REACH was hoping to be able to purchase a three bedroom, two -bath home in Pleasanton. Commissioner Stark commended REACH on all they do and requested information about a recent fundraising event that netted the organization approximately $100,000. He also requested additional information regarding the loan commitment from Fremont Bank. Ms. Testa confirmed that $100,000 was raised from a golf tournament fundraiser and that Fremont Bank has committed to loaning funds to the organization. Commissioner Harris discussed with Ms. Testa and staff the total funding in the amount of $989,215.26 that has been allocated to REACH by the City in the past for the purchase of other properties. He asked what would happen to these properties and the funds should the organization go defunct. Mr. Erickson responded that the existing regulatory agreements that were a condition of the funding ensure that the funds are paid back to the City with a share of any equity should the agency disband or the use of the property otherwise changes. He gave the example of the agency's sale of a property on Harvest Road in 2003 when the City received $151,081 in equity that was later turned back to the agency to purchase another more suitable property on Tanager Drive. Neighborhood Solutions, Vicki Johnson (Housing Rehabilitation Program) provided the Commission with information about the City's Housing Rehabilitation Program. She advised that the City has contracted with Neighborhood Solutions for the past several years to provide the Housing Rehabilitation Program which makes available small grants and larger loans to enable eligible homeowners to make needed improvements to their homes. This in turn allows those beneficiaries to retain their homes them as a source of affordable housing. Ms. Johnson noted that approximately 17 households have already been served this year and several applicants are on a waiting list. This represents a significant increase in activity as compared to the prior year. Page 2