WHAT IS THE MAXIMUM AMOUNT THAT THE CITY SHOULD LOAN UNDER THE FIRST TIME HOMEBUYER LOAN PROGRAM?
Ms. Abdala advised that Staff recommended 10% for market rate homes and 15% for inclusionary units, and reviewed the rationale, as well as pros and cons of the recommendation. The Council, Commission, Staff and those present discussed the program structure and reviewed possible financing scenarios, as well as the possibility of piloting the program for a year and a loan cap for individual loans. By consensus, the Council and Commission concurred that the maximum loan amount should be 10% for market rates homes and 15% for inclusionary units and no maximum dollar amount cap. Cm. Zika disagreed, stating that there should be a maximum cap because if the market rate units were funded, there would be no money left to fund inclusionary homes without down payments. ISSUE #4: SHOULD THE MAXIMUM HOME PRICE A BUYER MAY PURCHASE WITH FINANCING FROM THE CITY OF DUBLIN BE SET AT THE LATEST MEDIAN PRICE AS ESTABLISHED BY BAY EAST ASSOCIATION OF REALTORS? City Manager Richard Ambrose advised that Sta
