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Five Year Objectives Five Year Goals Performance Measures Current Year's Objectives (FY 2010) Promote the preservation of existing owner Continue to monitor existing rental units 40 affordable units will be maintained Maintain affordability for 8 units housing stock occupied by low and moderate required to be rented at Below Market Rate affordable to low and very low income income households. (BMR) rent levels through City regulatory households during the five -year period. agreements and encourage the extension of existing BMR agreements through the programs stated in the City's Housing Element policies, including provision of grants and /or technical assistance to management groups and non -profit organizations, tenant groups interested in purchasing their complexes, and other means. Promote the preservation of existing rental Continue to monitor the sale of existing PHAP Existing units (approximately 90) plus any new N/A housing stock occupied by low and moderate ownership and use available means (resale units constructed during the period will be income households. restrictions under property deeds or City maintained affordable to very low, low, and acquisition) to ensure that units are maintained moderate income households during the five in the ownership of income eligible year period. households. Use all resources available to preserve Support the efforts of the Housing Authority of The number of Section 8 voucher holders will N/A restricted or subsidized housing that could Alameda County (HACA) to preserve existing Pleasanton (currently approximately 162) will potentially opt out or expire; in order to keep Section 8 vouchers for Pleasanton residents. remain stable or will increase during the five units affordable. year period. Priority: Assist low and moderate income first time homebuyers. Assist moderate and middle income, first- Continue to offer down payment Down payment loans will be provided to Provide down payment assistance to 4 time homebuyers through provision of assistance loans through the Down 20 households during the five -year households City- assisted down payment assistance Payment Assistance program to help period. and second mortgage loans. bridge the gap between a minimum down payment and first mortgage and increase buying capacity. Continued participation in the Mortgage Contribute City Housing Funds annually MCC's will be issued to 25 Pleasanton Five (5) households will purchase homes with Credit Certificate (MCC) Program toward the administrative costs of the low' and moderate income homebuyers the assistance of the MCC program administered by HCD. MCC program by Alameda County HCD. during the five -year period. Continued participation in American [Administered by HCD] [Administered by HCD] N/A Dream Downpayment Initiative (ADDI) Program administered by HCD. Assist moderate and middle income, first- Continue and augment efforts to promote 500 households seeking home ownership 100 households will be provided with resource time homebuyers through dissemination opportunities for affordable ownership opportunities will be provided information of information on affordable ownership housing in Pleasanton through the information on City and other programs housing opportunities. dissemination of information on new during the five -year period as measured housing construction, price trends in new through additions to the City's ownership and resale homes, and PHAP assistance, mailing list and referrals to the Tri- Valley including expansion of existing Housing Opportunity Center. marketing on the City's web site. Assist moderate and middle income, first- Continue to work with local housing 20 new units for low and moderate Four new ownership units will be constructed time homebuyers through construction of developers to construct additional income homebuyers will be constructed new affordable ownership housing units. ownership homes for sale under the and sold during the five -year period. Pleasanton Homeownership Assistance Program (PHAP) at affordable prices. Action Plan FY10 City of Pleasanton Page 18