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STATE California Housing Finance Agency (CaIHFA) CaIHFA provides a variety of tax - exempt bond financing for the creation and preservation of affordable housing. CaIHFA also provides bond financing for qualified first -time homebuyers. Several years ago, the City successfully refinanced the mortgage for Ridge View Commons, a 200 -unit apartment complex for very low income seniors. The refinancing included an interest rate buy -down which improved the project's cash flow and may yield enhanced affordability in the future as the project's finances stabilize. The HELP (Housing Enabled by Local Partnerships) program offered 3.5% interest rate loans to local government agencies for locally determined affordable housing activities and priorities. The City successfully applied for $450,000 in HELP funds in 2004 (in collaboration with the City of Livermore) to establish a Down Payment Assistance (DPA) loan program for low and moderate income Pleasanton home buyers. The state funds were combined with $150,000 in local (City Housing) funds. The unexpended funds from this allocation were terminated in November 2006, and the City received a new allocation of $250,000 in August 2007 to continue the program. These funds were fully utilized by mid - 2008, and the City has continued to offer the DPA program using 100% local funding. The City also received $1.5 million in HELP funds in 2005 to provide gap financing for its Parkview assisted living facility project on Sunol Blvd. which was completed in January 2007 and opened for occupancy in March 2007. The City and BRIDGE took advantage of an early payoff opportunity offered by CaIHFA and prepaid the loan in late 2010 resulting in nearly $100,000 in interest savings. The City will continue to consider and pursue CaIHFA funding opportunities as available. Environmental Enhancement and Mitigation Program This program provides grants to projects that mitigate environmental impacts resulting from modified or new public transportation facilities. The Resources Agency of the California Transportation Commission selects projects. Exterior Accessibility Grants for Renters (EAGR) This program provides grants for the construction of exterior accessibility improvements for renters. The City may consider applying for EAGR funds as a supplement to assistance offered through the Housing Rehabilitation program. Low Income Housing Tax Credits (Federal and State) Housing developers can apply to the state for an allocation of tax credits to finance low income rental housing developments. The tax credits are syndicated to corporations in exchange for project equity. In 2004, the City assisted Ponderosa Homes in its successful application for four percent tax credits to construct a 172 -unit senior apartment project on the Action Plan - FY 2011 City of Pleasanton Page 7