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City of Pleasanton
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CITY CLERK
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AGENDA PACKETS
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2012
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050112
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4/26/2012 12:58:29 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
5/1/2012
DESTRUCT DATE
15Y
DOCUMENT NO
19
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Mortgage Revenue Bonds <br /> Local jurisdictions can apply to the state for authority to issue tax-exempt mortgage <br /> revenue bonds for the purpose of funding affordable housing development. The City has <br /> used this financing technique to facilitate several apartment developments with affordable <br /> rental units in the 1980's and 1990's and recently participated in bond refinancing in <br /> return for an extension of the regulatory agreement terms for lower-income units at two <br /> large apartment complexes. Local jurisdictions can also apply to the state for an <br /> allocation of single family mortgage revenue bonds to provide low-interest mortgages to <br /> qualified first-time homebuyers. As described above, the City recently assisted <br /> Ponderosa Homes to secure bond financing to construct a 172-unit apartment complex on <br /> the Busch property in east Pleasanton. The complex includes 138 units for low and very <br /> low income households. The first units were occupied in 2005. <br /> Mortgage Credit Certificates <br /> Local jurisdictions can apply to the state for an allocation of Mortgage Credit <br /> Certificates, which provide a tax credit to subsidize the mortgage interest rate for <br /> qualified first-time homebuyers. The MCC program in Pleasanton is coordinated through <br /> Alameda County, and the City pays an annual administrative fee to the County to cover <br /> program administration. Starting in FY 2003, the City prioritized its MCC allocation for <br /> buyers of 56 below-market priced homes on the Bernal property (Walnut Hills, Canyon <br /> Oaks, and Carlton Oaks). This program involved a cooperative agreement with Alameda <br /> County in which the City was able to borrow against its future MCC allocations in order <br /> to make additional MCC's available to buyers of the Bernal homes. Through an <br /> agreement between the City and the builders, KB Home and Greenbriar Homes <br /> Communities, the 56 duet homes (1,300 sq. ft., 3 bedrooms/2 baths) were sold at a cost <br /> of $199,000 to low income buyers (80% of AMI). The City made available up to <br /> $20,000 in individual second mortgage loans to each buyer on a need basis. Buyers were <br /> responsible for obtaining the primary mortgage financing. The first homes were <br /> occupied in July 2002, and occupancy of the final units occurred in mid-2005. In 2007, <br /> the City approved an Affordable Housing Plan with Silverstone Communities for a new <br /> condominium project which yielded 12 new affordable units (5 low-income at $205,000 <br /> each, 2 moderate-income at $310,000 each, and 5 "affordable by design"). The last of <br /> these new homes was occupied in mid-2008. MCC's continue to be utilized on an <br /> incremental basis; for example, one low-income buyer was able to obtain an MCC to <br /> purchase a BMR resale home in March 2012. <br /> Multi-Family Housing Program <br /> Local jurisdictions can apply to the State for the purpose of funding affordable multi- <br /> family housing developments. <br /> Amon Plan—FY 2012 <br /> City of Pleasanton <br /> Page 8 <br />
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