SHOULD THE CITY OF DUBLIN OFFER FIRST TIME HOMEBUYER LOANS TO NONRESIDENTS AS WELL AS DUBLIN RESIDENTS?
Ms. Abdala advised that Staff recommended that the loan program not be limited to Dublin residents only because restricting loan funds could run the risk of not attracting enough qualified candidates. She reviewed the rationale, as well as pros and cons of the recommendation. The Council, Commission, Staff and those present discussed whether or not to include nonresidents in the program. The pool of Dublin residents seeking and qualifying for this type of City financing may be too small to provide for a successful loan program, and the possibility of including qualifying applicants who worked in Dublin. By consensus, the Council and Commission concurred that loans should be made available to qualifying applicants who live and/or work in the City of Dublin. ISSUE #7: SHOULD DUBLIN PROVIDE LOANS WITH PAYMENT DEFERRED UNTIL THE HOME IS SOLD OR REFINANCED? Ms. Abdala advised that Staff recommended that the program include a deferred loan with the full payment due at the sale or refinancing
