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1 of 6 <br /> <br />PLEASANTON HOMEOWNERSHIP <br />ASSISTANCE PROGRAM (PHAP) <br />MERRITT PROPERTY <br />AGE-QUALIFIED COMMUNITY <br />ELIGIBILITY AND PARTICIPATION REQUIREMENTS <br />MERRITT PROPERTY AGE-QUALIFIED COMMUNITY <br />The City of Pleasanton Homeownership Assistance Program (“PHAP”) provides opportunities for <br />income-eligible buyers to purchase Below Market Rate (“BMR”) age-qualified homes in Pleasanton. <br />These homes are restricted at the time of sale in accordance with City requirements. The information <br />provided in this document describes the household qualifications and participation requirements for <br />purchasers of homes in the Merritt Property age-qualified community. <br />Eligibility Requirements <br />To qualify for the purchase of a home, the Applicant must be 55 years of age or older and meet the <br />criteria listed below. <br />1.Household Size. The following minimum and maximum household size requirements shall <br />apply for Applicants. At least one member has to be 55 years of age or older. <br />Number of Bedrooms Minimum Household Size Maximum Household Size <br />2 1 person 4 persons <br />2. Household Income: Annual household income may not exceed the City’s established income <br />limits for the applicable percentage of the Area Median Income (AMI), adjusted for household <br />size. These limits, adjusted annually by the City, are based on Median Income data published <br />by the U.S. Department of Housing and Urban Development for the Oakland-Fremont HMFA. <br />The Income Limits for 2024 are: <br />Persons in Household <br />Maximum Annual Income <br />120% AMI <br />(Moderate Income) <br />1 $130,800 <br />2 $149,500 <br />3 $168,150 <br />4 $186,850 <br />3.Household members include all individuals who will be residing in the affordable home. <br />4.Annual household income includes the income of all household members over the age of 18 <br />years who will be residing in the home. Annual household income includes all income for the <br />current calendar year to date (at the time of application submittal) plus the household’s <br />Page 184 of 454