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SR 79:268 <br />Page 4 <br /> <br />3. City may then take an option on the preliminarily <br /> approved site(s); <br /> <br />HUD formally reviews the site(s) and if approved, <br />the City can then use the HCD funds and local funds <br />(if it wishes) for the purchase of land (there is <br />presently $90,000 set aside in the RAP housing fund, <br />which may be used for this purpose in conjunction with <br />our HCD landbanking funds). <br /> <br />City then asks for predesignation of Section 8 units <br />for site. If Section 8 units are'granted, HUD will <br />then advertise for a developer. The City may wait <br />to seek predesignation and still be able to purchase <br />the land. <br /> <br />The basic theory behind landbanking is to stimulate development <br />of low and moderate income units by arranging more favorable <br />purchase terms for the developer. <br /> <br />Rehabilitation <br /> <br />In applying for funds for housing rehabilitation it has always been <br />the staff's intent to form a combined program with Livermore and <br />perhaps Alameda County because of the high overhead costs associated <br />with rehabilitation. In fact, we intended to seek 5th year rehabili- <br />tation program funding but then abandoned this idea when the Livermore <br />City Council decided against such a program for the 5th year. On <br />10/15/79 the Livermore City Council authorized a rehabilitation <br />program utilizing 6th year Housing and Community Development funds. <br />If your Council reaffirms the use of $75,000 of Pleasanton's 6th year <br />HOusing and Community Development monies for rehabilitation <br />purposes, we shall, working in concert with Livermore and the <br />County, prepare a draft housing rehabilitation program for your <br />consideration. It would be submitted to you some time after <br />the first of the year. <br /> <br />Staff Recommendation: Because of the high probability of losing <br />funding for our "guaranteed" 6th year projects if changes are made, <br />the staff recommends that your Council reaffirm these three projects <br />(landbanking $50,000; rehabilitation $75,000; and Veterans' Building <br />improvements $40,000). You should know that under the County <br />system even these projects (or portions of them) can be lost if <br />funds are not "committed" by March 1, 1980. Committed is defined <br />as having some preliminary indication that the projects are being <br /> <br /> <br />