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Low-Income Homeowner Housing Development Program <br /> The goal of this component of the bond program is to assist in the development and long-term <br /> affordability of homeownership housing for Low-Income households to become first-time <br /> homebuyers, while remaining in the County. The target funding allocation is a total of$25 <br /> Million over the course of the bond program. <br /> Program Parameters: <br /> The target population for this <br /> • / it component is low-income, first-time <br /> . • _ homebuyers who are residents of <br /> Alameda County and have incomes <br /> at or below 80%of Area Median <br /> Income. This income cap includes <br /> 1' e many types of employment, such as <br /> child care workers, medical lab <br /> technicians, truck drivers, <br /> mechanics, and others, as well as <br /> some retired senior households. <br /> North Oakland Homeownership Development, RCD The program may involve a sweat- <br /> equity or other contribution <br /> requirement on the part of the homebuyer households. The County is working with legal counsel <br /> towards creating design features to allow former Alameda County residents who have been <br /> displaced due to foreclosure or rising housing costs to benefit from the program. <br /> The Low-Income Homeowner Housing Development Program will provide construction loans to <br /> eligible nonprofit developers to help construct or acquire and rehabilitate homes for sale to low- <br /> income qualified households. The construction loans will be converted to down payment <br /> assistance loans when the home is purchased by an eligible household. These loans will be <br /> structured similar to the Down Payment Assistance Loan Program loans described above. They <br /> will be shared-equity, deferred payment loans with no monthly payment to add to housing cost <br /> burden and only due if or when the home is sold or transferred to an ineligible buyer. <br /> Rental Housing Programs <br /> There are two components included in the bond-financed rental housing programs with a target <br /> total allocation of$460 Million. The larger of the two programs will have specific target <br /> allocations of funds for each city and each region of the County. The smaller program will be <br /> available on a countywide basis to respond to eligible opportunities. <br /> 11 <br />