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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> OP~INANCE NO. 1006 <br /> <br /> AN URGENCY ORDINANCE EXEMPTING PROJECTS ENTERING <br /> INTO AGREEMEntS TO PARTICIPATE IN THE MORTGAGE <br /> REVENUE BOND PROGRAM OF THE CITY OF PLEASANTON <br /> FROM THE REQUIREMENTS OF THE CITY'S RESIDENTIAL <br /> ALLOCATION PROGPJ~{ <br /> <br /> I~HEREAS, the City Council of the City of Pleasanton has found a <br /> significant need for affordable housing in the City <br /> of Pleasanton; and <br /> <br /> WHEREAS, the City of Pleasanton has undertaken to participate <br /> in the Mortgage Revenue Bond Program which would <br /> provide affordable financing to qualify households <br /> seeking to buy affordably priced residences; and <br /> <br /> WHEREAS, the Mortgage Revenue Bond PrOgram requires participating <br /> projects be assured of receiving City approvals and <br /> of completing sales of units within 15 months of the <br /> date of issue of the bonds; and <br /> WHEREAS, th~ bond rating received by the City of Pleasanton is <br /> crucial to the success of the Mortgage Revenue Bond <br /> Program and is largely determined by the likelihood <br /> that the participating projects will in fact be <br /> developed; and <br /> <br />WHEREAS, the City's existing RAP as well as any subsequently <br /> enacted ordinance regulating residential development <br /> would likely render many projects unable to participate <br /> in the Mortgage Revenue Bond Program because of limita- <br /> tions on the time of receiving City development approval, <br /> maximum project size, etc.; and <br /> <br />WHEREAS, provision of affordable housing is a goal of the General <br /> Plan and the Mortgage Revenue Bond Program is an <br /> implementation measure which would further the General <br /> Plan housing goals without materially affecting the <br /> General Plan growth rate policies; and <br /> <br />WHEREAS, time is of the essence in implementing the Mortgage <br /> Revenue Bond Program due to the exigencies of the bond <br /> market and the status of projects desiring to partici- <br /> pate, many of which are now under construction; and <br /> <br />WHEREAS, the City Council finds that the above-referencec circum- <br /> stances constitute facts necessitating the adoption of <br /> an urgency ordinance. <br /> <br />THE CITY COUNCIL OF THE CITY OF .PLEASANTON DOES HEREBY OP~AIN <br />AS FOLLOWS: <br /> <br /> r · <br /> <br /> <br />