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Pleasanton Real Estate Affordability

March 15, 2007

In a report released by Pleasanton about Real Estate affordability in Pleasanton the assistance for first time/low income home buyers is not being used. The Down Payment Assistance (DPA) is used to help low and moderate income buyers in purchasing homes in Pleasanton. Initially the Pleasanton fund was supported by two sources: $450,000 from the California Housing Finance Agency (CalHFA) “Housing Enabled by Local Partnerships” (HELP) program; and Pleasanton’s contribution of $150,000 from the Lower Income Housing Fund. In 2003, Pleasanton anticipated providing 10 to 15 DPA loans. Unfortunately Pleasanton issued only three loans during the initial two-year CalHFA commitment period. In October 2005, CalHFA approved an extension for one year to November 2006, only one other loan was issued and five applications were received; however, none of these five applicants have yet been able to find suitable homes to purchase in Pleasanton. Pleasanton again submitted an extension of the program, but was denied and has since stopped providing the opportunity to proved these loans to Pleasanton residents. Pleasanton is being hampered by the significant spread between allowable household incomes and the high price of ownership housing in Pleasanton. Pleasanton Housing Commission reviewed the program at the March 15th meeting and will forward recommendations to the Pleasanton City Council.Â

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