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o Innovation and Opportunity Fund: creation of an Innovation & Opportunity <br /> Rental Housing Program to promote innovation and respond quickly to capture <br /> opportunities as they arise in the market. <br /> Each of these programs is described in more detail below. <br /> Homeownership Programs <br /> There are three components included in the bond-financed homeownership programs with a <br /> target total allocation of$120 Million. All three programs are deferred-payment loans that are <br /> due upon sale or transfer of the home. In this way, there are no monthly loan payments which <br /> add to the housing cost burden of the households served, and the funds are returned to the <br /> program when the house is sold so that they can be used to benefit other eligible homebuyers and <br /> homeowners. If the home is sold to an eligible household, the loans can stay on the property <br /> instead of being repaid, if approved by the County. All three programs will be available <br /> countywide, on a first-come, first-served basis for eligible households. <br /> Down Payment Assistance Loan Program: <br /> The goal of this component of the bond program is to assist middle-income working households <br /> to purchase homes and stay in Alameda County, instead of having to move to outlying areas in <br /> order to afford a home. The target funding allocation is a total of$50 Million over the course of <br /> the bond program. <br /> 1 ` T Program Parameters: <br /> u fi huyers, <br /> il <br /> as The defitarget ned by pop the lation IRS, with for this household program incomes is rst-time at or below omeb 120% <br /> of Area Median Income (AMI). A maximum income level of <br /> L i. t . - 150%of AM will allow for flexibility over the life of the <br /> tip' t. <br /> �► A. <br /> „pp_ program to ensure that the program can assist homebuyers across <br /> " .�'" the County and to allow for dual-income target population <br /> -: households to benefit from the program. These income caps <br /> t include many types of employment, such as teachers, <br /> electricians, emergency medical technicians and others. <br /> .ft In addition, the program will be include design features to <br /> y 1 encourage current Alameda County residents to purchase homes <br /> near where they work, or in proximity to transit that can take <br /> them to work. The County is working with legal counsel towards creating design features <br /> towards also allow former Alameda County residents who have been displaced due to <br /> foreclosure or rising housing costs to benefit from the program. The program will also include <br /> 9 <br />