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Busch property. This project, which was completed in spring 2005, includes 138 units for low and very low income seniors. In 2008, the City approved an application by Windstar Properties to develop a 350 -unit transit - oriented apartment development that will include 70 units for very low income households (50% AMI) near the future West Dublin / Stoneridge BART station. Windstar anticipates applying for tax credits as the primary financing mechanism for the project. The City will continue to consider tax credits to fund new construction as well as acquisition and rehabilitation to promote new affordable housing development. Mortgage Revenue Bonds Local jurisdictions can apply to the state for authority to issue tax - exempt mortgage revenue bonds for the purpose of funding affordable housing development. The City has used this financing technique to facilitate several apartment developments with affordable rental units in the 1980's and 1990's and recently participated in bond refinancing in return for an extension of the regulatory agreement terms for lower- income units at two large apartment complexes. Local jurisdictions can also apply to the state for an allocation of single family mortgage revenue bonds to provide low- interest mortgages to qualified first -time homebuyers. As described above, the City recently assisted Ponderosa Homes to secure bond financing to construct a 172 -unit apartment complex on the Busch property in east Pleasanton. The complex includes 138 units for low and very low income households. The first units were occupied in 2005. Mortgage Credit Certificates Local jurisdictions can apply to the state for an allocation of Mortgage Credit Certificates, which provide a tax credit to subsidize the mortgage interest rate for qualified first -time homebuyers. The MCC program in Pleasanton is coordinated through Alameda County, and the City pays an annual administrative fee to the County to cover program administration. Starting in FY 2003, the City prioritized its MCC allocation for buyers of 56 below- market priced homes on the Bernal property (Walnut Hills, Canyon Oaks, and Carlton Oaks). This program involved a cooperative agreement with Alameda County in which the City was able to borrow against its future MCC allocations in order to make additional MCC's available to buyers of the Bernal homes. Through an agreement between the City and the builders, KB Home and Greenbriar Homes Communities, the 56 duet homes (1,300 sq. ft., 3 bedrooms /2 baths) were sold at a cost of $199,000 to low income buyers (80% of AMI). The City made available up to $20,000 in individual second mortgage loans to each buyer on a need basis. Buyers were responsible for obtaining the primary mortgage financing. The first homes were occupied in July 2002, and occupancy of the final units occurred in mid -2005. In 2007, the City approved an Affordable Housing Plan with Silverstone Communities for a new condominium project which yielded 12 new affordable units (5 low- income at $205,000 each, 2 moderate - income at $310,000 each, and 5 "affordable by design "). The last of these new homes was occupied in mid -2008. Similarly, an agreement was reached in 2006 with Lyon Property Management which will potentially yield 35 below- market priced condominiums in the Stoneridge Apartments project when the owner moves forward with Action Plan - FY 2011 City of Pleasanton Page 8