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ADMINISTRATIVE REVIEW DRAFT <br />Goal 55: First Time Homebuyer Opportunities <br />Provide opportunities for low and moderate income San Leandro households to become <br />homeowners. <br />Quantified Objectives for Goal 55 <br />Provide first-time homebuyers assistance to an average of 20 homeowners a year between <br />2002 and 2006. <br />2. Work with Alameda County to obtain mortgage credit certificates for an average of 5 <br />homeowners a year between 2002 and 2006. <br />3. Conduct at least two first-time homebuyers seminars annually between 2002 and 2006. <br />Policies and Actions Implementation Strategies <br />Policy 55.01 COMMUNITY STABILITY THROUGH HOME <br />OWNERSHIP <br />Enhance community stability by promoting home ownership <br />. First Time <br />and creating opportunities for first-time buyers in the City. <br />Homebuyers Program <br />Policy 55.02 HOME OWNERSHIP FOR SAN LEANDRO RENTERS <br />Expand programs which help San Leandro renters purchase <br />• First Time <br />homes in the community. These programs should focus on <br />Homebuyers Program <br />moderate income households (80-120% of areawide median <br />• Lease -Purchase <br />income) but should also provide home purchase opportunities <br />Programs <br />for low and very low income households. <br />• Mortgage Credit <br />Certificates <br />Action 55.02 A: First -Time Homebuyer Program <br />Continue the City's first time homebuyer assistance program, offering low -interest <br />deferred payment loans to qualifying low and moderate income households for <br />downpayment assistance or gap financing. <br />Make the following changes to the program to improve its effectiveness: <br />• Increase the maximum loan amount from the current level of $10, 000 per applicant. <br />• Index the maximum loan amount to the cost of housing, so that it rises as housing <br />inflation occurs. <br />HOUSING ELEMENT 6-12 SAN LEANDRO GENERAL PLAN <br />AI9 j� <br />