RES 2025011 - Laserfiche WebLink

6th Cycle Program 2.12: The City will promote and administer the Pleasanton Down Payment Assistance Loan Program (PDALP), which currently offers $100,000 in down payment assistance loan for potential first-time homebuyers whose household income does not exceed 120 percent of Area Median Income (AMI). Assistance is in the form of a 30-year, zero interest loan with no required monthly payment provided the homeowner occupies the home. The PDALP loan is structured as a shared appreciation loan with the principal balance amount plus a share of the appreciation due at the end of the 30-year term or when the homeowner sells or transfers the property. PDALP loans issued to four additional moderate-income households through January 2031 (the City is currently servicing 15 PDALP loans) Ongoing The Pleasanton Down Payment Assistance Loan Program (PDALP) is ongoing. However, the program is currently undersubcribed as the home prices in Pleasanton, currently $1.3 million, which is higher than the City of San Francisco, makes it difficult for prospective first time homebuyers to actually afford to purchase their first homes. 6th Cycle Program 3.1: Amend the Zoning Ordinance to define single-family homes (or equivalent) to include manufactured homes on a foundation as a conventional single-family home consistent with Government Code §65852.3. Consistency with Government Code §65852.3. 6/1/2024 Ordinance 2244, modifying definition of, "one-family dwelling" to include manufactured homes on a foundation was adopted by City Council on April 18, 2023: https://weblink.cityofpleasantonca.gov/weblink/0/doc/305726/Page1.aspx 6th Cycle Program 3.2: Continue to work cooperatively with the owners of existing mobile home parks to stabilize rents through implementation of existing agreements and of Pleasanton Municipal Code Chapter 6.60 and ensure mobile home parks proposed for conversion to other uses only do so in accordance with Government Code §65863.7. Preserve existing affordable housing in Pleasanton. Ongoing There are 3 mobilehome parks in the City. Two of these parks have existing rent stabilization agreements. While the 3rd park agreement has expired, PMC Chapter 6.60 now applies to the rents at this park. 6th Cycle Program 3.3: Although no existing restricted units are currently at risk for conversion to market rate, the City will monitor rent restricted assisted projects to assess the most effective methods of future assistance to retain rent restrictions as needed. Methods to evaluate include the City providing rehabilitation funds in addition to other incentives (e.g., density bonus, City-issued bonds or other funding to reduce apartment complex mortgage rates, etc.) in exchange for extended or perpetual affordability terms. Preserve all existing below-market rate housing units during the planning period, including rental and Single Room Occupancy units consisting of 19 extremely low-, 509 very low-, 564 low-, and 31 moderate-income units (see Appendix A, Tables A-18 and A-19, for a listing of units) Outreach to property owners/representatives of projects with potential expirations in the future (2029) There are no below-market rate housing units at risk for conversion to market rate in the next 10 years. The City continues to monitor the below-market rate housing units to enforce the affordability restrictions of these units. 6th Cycle Program 3.4: Maintain building and housing code enforcement programs, monitor project conditions of approval, and use code enforcement efforts to refer property owners to available rehabilitation and other programs. Uphold life/safety standards for existing and proposed housing throughout the City Ongoing The City's builidng and housing code enforcement programs are ongoing.