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Rental Housing Development Program: The goal of this component of the bond program is to assist in the creation and preservation of affordable rental housing for vulnerable populations, including low-income workforce housing. The target funding allocation is a total of$425 Million over the course of the bond program. Program Parameters: t = This program includes a variety • of target populations. It is expected that the majority of k 11 i iii " housing units will serve very low-income households with i 6 7, incomes between 30%to 60%of :111 !iryie . Area Median Income. This income level includes cooks, retail sales clerks, preschool "m"` '1 teachers, and plumber assistants, among others. A portion of the Estabrook Senior Housing, Eden Housing,San Leandro funds may be allowed to subsidize units for households at or below 80%of AMI, to create affordable housing for a mix of lower-income levels within developments. The program also includes a requirement that at least 20%of the units will be matched with operating subsidies and reserved for extremely low- income households at or below 20%of Area Median Income. This income level includes homeless households, and seniors and people with disabilities on Social Security Income (SSI), and others. Uses of funds in this component will be flexible, within the parameters of eligibility for use of general obligation bond proceeds, including predevelopment and development financing (including construction period and permanent financing) for new construction, acquisition, rehabilitation to create or preserve affordability. A city may decide to use a portion of its base allocation of funds to finance the development of interim crisis or transitional housing for homeless populations, provided that operating and services Criteria for selection of developments to be financed under this component of the bond program will include leveraging other sources of affordable housing financing, including State, Federal, and other local subsidy sources. In addition, financed developments must include a financial contribution from the city in which they are located. The County will develop specific criteria for this financial contribution level, in consultation with the cities, to ensure feasibility. Developments financed must remain affordable for no less than 55 years. Selection criteria will also include priority for one or more of the following target populations within the income limits described above: 12