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❑ Cost effective to administer: Costs will be kept to only those reasonable and necessary <br /> costs to deliver the programs and ensure that the funds are used as described. A Citizens' <br /> Oversight Committee will be established to ensure that bond proceeds are being spent in <br /> compliance with the ballot measure. <br /> ❑ Assures all parts of the County benefit: The range of programs are designed to be <br /> effective in the variety of urban and suburban communities in Alameda County. The <br /> allocation formula for the Rental Housing Development Loan fund ensures that each <br /> community is assured of a base level of funding to serve its residents, as well as the <br /> ability to draw on other regional and countywide pools of funding. <br /> ❑ Builds on successful program models within Alameda County and elsewhere,while <br /> allowing for innovation and creativity: There are many examples of successful <br /> programs to address housing needs for vulnerable residents and first-time middle-income <br /> homebuyers. Providing additional funds to continue successful models and bring them to <br /> scale will maximize efficiency and effectiveness of the programs. At the same time, <br /> changing conditions requires the ability to be creative and responsive as new needs and <br /> possible innovative solutions arise. <br /> ❑ Leverage other funds where possible: Bond funds will be used to bring other <br /> affordable housing funds into our County to meet needs. Successfully competing for <br /> State and Federal housing funds requires local investment. <br /> Program Categories <br /> The 2016 Affordable Housing Bond proposes two categories of investments, each of which <br /> supports housing for Alameda County households at a range of income levels, with several <br /> programs under each category: <br /> • Affordable Home Ownership Programs <br /> o Down Payment Loan Assistance Program: to assist middle-income first-time <br /> homebuyers to stay in Alameda County; <br /> o Home Preservation Rehabilitation Program: to help low-income homeowners, <br /> especially seniors and people with disabilities,to remain safely in their homes; <br /> and, <br /> o Homeownership Development Program: to create homeownership opportunities <br /> for lower-income residents. <br /> • Affordable Rental Housing Development Programs <br /> o Rental Housing Development Fund: financing for the development of new and <br /> preservation of existing affordable rental housing units for low income residents; <br /> and <br /> 8 <br />