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<br />BAAHA Scope of Services Contract Year 2025/26 | P a g e 7 <br />Pleasanton Down Payment Assistance Program (PDALP) <br /> <br />Intake System <br /> <br />BAAHA will jointly work with the City to assess and establish the most advantageous strategy to apply <br />PDALP funds. Based on the PDALP funds availability, PDALP loans could be directed towards <br />specific projects and cases that would further promote the City objectives in supporting affordability for <br />low to moderate income first time homebuyers. Such cases could include placing low and moderate <br />income households into new sales and resales of PHAP (Below Market Rate) Homes. Given future <br />Pleasanton developments will be predominantly focused on delivery of moderate income PHAP homes; <br />PDALP funds may be able to assist low and moderate income households in securing a new PHAP <br />property. <br /> <br />The potential application of PDALP funds towards PHAP properties has become notably more relevant <br />for PHAP properties. Substantive increases in area median incomes, in conjunction with interest rates, <br />has created a challenging environment for low income and moderate income households to purchase a <br />PHAP property. The ability to apply PDALP funds for a recent PHAP transaction provided the <br />financial bridge for a low income household to purchase a low income designated PHAP property. The <br />household, who lives in Pleasanton, would not have been able to purchase the home without PDALP <br />assistance. <br /> <br />PDALP Underwriting System and Administrative Fee <br /> <br />BAAHA will apply the same diligence and parallel underwriting protocols it applies towards <br />administering PHAP transactions. BAAHA will charge a fee of two thousand five hundred <br />($2,500) dollars for each “closed” PDALP transaction. <br /> <br />Pleasanton (PHAP) Property and PDALP Refinances <br /> <br />PHAP and PDALP Refinance Protocols <br />BAAHA incorporates the following steps in conducting and administering PHAP and PDALP <br />refinances. <br /> <br />Property Owner Request to Refinance <br />The property owner is required to deliver an executed Request to Refinance to initiate the refinance <br />process. BAAHA will provide the Request form, which will include 1) the property and owner <br />information; 2) the reason for the refinance; 3) the name of the loan officer; 4) the loan amount that <br />is requested; and 5) the date of the refinance. <br /> <br />Included with the request will be City-specific requirements for the owner to refinance their <br />property. BAAHA in the request will also instruct and notify the owner that they cannot lock <br />the interest rate on the loan until such time the City/BAAHA have provided the owner and lender <br />a Subordination Approval. <br /> <br />Lender Module and Documentation <br />Upon receiving a signed Request, BAAHA will issue a detailed list of instructions to the refinancing <br />lender with a Lender Refinance Module. In addition, the lender is provided a copy of the Resale <br />Restriction and must certify to BAAHA that they can lend on the PHAP property. <br /> <br /> <br />Docusign Envelope ID: 214AA125-B9A3-49B6-B526-E3722E6242D7Docusign Envelope ID: 5B4696E6-28B9-475F-84C2-EBE17D94B7CC