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THE CITY OF <br /> CITY COUNCIL AGENDA REPORT <br /> pLEASANTON® <br /> August 16, 2016 <br /> City Manager <br /> TITLE: PRESENTATION ON ALAMEDA COUNTY GENERAL OBLIGATION <br /> BOND FOR HOUSING <br /> SUMMARY <br /> In response to the severe shortage of housing that is affordable to lower income <br /> households in Alameda County, the Alameda County Board of Supervisors have <br /> authorized a $580 Million General Obligation Bond for Affordable Housing to be <br /> considered by voters on the November 2016 ballot. Housing programs funded through <br /> the bond would address the affordable housing needs (rental and ownership) of lower <br /> and middle income households in the County with emphasis on those who are <br /> particularly experiencing a lack of housing options in the current market, including <br /> seniors, people with disabilities, homeless, veterans, and other special needs persons. <br /> County staff and consultants are now providing informational presentations throughout <br /> jurisdictions in the County to educate the public on the bond measure and programs <br /> proposed to be funded through proceeds from the bond. <br /> RECOMMENDATION <br /> It is recommended that the City Council receive the presentation on the Alameda <br /> County General Obligation Bond for Affordable Housing from staff of the Alameda <br /> County Housing and Community Development Department. <br /> FINANCIAL STATEMENT <br /> Under the Housing Program adopted by the Board of Supervisors, the City would be <br /> eligible for a base allocation of $13,720,684 in funds for rental housing development <br /> projects, and would have access to an additional $27,332,372 regional rental <br /> development funding pool for East County (including Livermore and Dublin). The City <br /> would also be able to leverage local funding for down payment assistance and home <br /> rehabilitation with other the County homeownership program funds. Funding would be <br /> made available through annual Requests for Proposals administered by the County <br /> following three bond issuances estimated to take place in 2017, 2019, and 2021. <br /> The proposed bond would be paid for by an assessment of approximately $14 per <br /> $100,000 in assessed property value for owners in Alameda County based on the <br /> County's current assessed valuation. The bonds are expected to be 20 year bonds in <br /> several issuances over an approximately six year period so some amount of the bonds <br /> will be outstanding for approximately 26 years. The actual amount assessed to <br /> individual property owners each year will depend on the amount of the outstanding <br />