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POLICIES AND ACTIONS <br />PROGRESS <br />Policy 55.04 RENT-TO-BUY The City is currently participating in <br />Encourage property managers and absentee the Lease-Purchase program <br />owners of San Leandro single family homes to available through ABAG. <br />offer "rent with the option to buy" programs for <br />young families. <br />Action 55.04-A: Lease-Purchase Honze Ow~zership Program <br />Begin participating in the East Bay-Delta Lease-Purchase Home Ownership Program, a <br />non profit housing program that assists individuals who have the income needed to make <br />monthly mortgage payments but lack funds for a down payment and closing costs. (In this <br />program, East Bay-Delta Housing purchases the homes and then leases them to the <br />applicant fora 38-month period. The new owner builds equity during this period and <br />takes ownership at the end with a no-cash down payment and reduced closing costs. <br />Hayward, Oakland, Fremont, Newark, Livermore, and Pleasanton already participate in <br />this program, but San Leandro does not.) <br />Year 2004 Annual Housing Progress Report 28 City Of San Leandro <br />