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Local Tax Revenues <br /> Local tax revenues may be used for a variety of areas related to community development <br /> to provide facilities and services. <br /> Redevelopment Tax Increment Funds <br /> In July 2011, the State of California enacted legislation that abolished the state's <br /> redevelopment agencies and a companion bill that gave the agencies the option of <br /> continuing in existence in exchange for transferring tax revenues to the state. <br /> Redevelopment agencies have traditionally been a significant source of funding for <br /> affordable housing through a set-aside of tax increment funds. The City of Pleasanton <br /> never established a redevelopment agency and, therefore, has not had a source of <br /> redevelopment tax increment funds to finance affordable housing and related activities. <br /> The primary local source of funding for affordable housing is the Lower Income Housing <br /> Fund referenced earlier. <br /> PRIVATE <br /> Community Reinvestment Act(CRA) <br /> Local lenders are encouraged by state, county, and local policies to provide favorable <br /> lending terms for projects which involve the provision of affordable rental and ownership <br /> housing. The City has encouraged developers of affordable housing projects to explore <br /> opportunities with local lenders in conjunction with the construction of their projects. In <br /> addition, CRA benefits have been a significant incentive in attracting prospective <br /> financial partners for City-sponsored loan programs and the new Tri-Valley Housing <br /> Opportunity Center (TVHOC) that was opened in 2005 through a collaboration of the <br /> five cities in the Tri-Valley area. <br /> Other <br /> Local foundations, faith communities, service organizations and private individuals <br /> contribute their support for a variety of homeless assistance and prevention programs, <br /> which serve Pleasanton. <br /> LEVERAGING PLAN <br /> For all housing and community development activities, the City of Pleasanton will support <br /> applications by other entities to all public and private sources of financing. In the case of <br /> matching requirements for a funding source, the City will use for a match such sources as City <br /> Lower Income Housing Funds, other local agency funds, publicly owned land, and private <br /> donations. To maximize leveraging of its own funds and to increase the funds available for <br /> housing, the City plans to undertake the following activities: <br /> Adlon Plan—FY 2012 <br /> City el Pleasanton <br /> Page 12 <br />