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bonds, and the interest rate when the bonds are issued on assessed valuations County- wide. BACKGROUND In February 2016, the Alameda County Board of Supervisors approved staff and the Board's Health Subcommittee to explore the viability of a General Obligation Bond for Affordable Housing and to develop a prospective implementation timeline to be included on the November 2016 ballot. The Subcommittee conducted a series of work sessions to develop the bond proposal and solicit input on potential programs and uses for the housing bond revenues. A four phase process was implemented from March through June 2016 via the work sessions, individual stakeholder meetings, and Town Hall Meetings held within each of the Supervisorial Districts to engage the public and discuss potential funding priorities. This process provided an opportunity for various stakeholders, including non-profit organizations, housing providers, local jurisdictions, and community members to provide input on policy and programming proposals. Concurrently, the County worked with a consultant to assess viability of a potential bond measure through County-wide polling. At their June 28, 2016 meeting, the Board of Supervisors approved the Program submitted by staff of Alameda County Housing and Community Development Department to guide the use of a $580 Million General Obligation Bond for Housing and language to be included in the bond measure. DISCUSSION Contingent upon passage of the bond by Alameda County voters, the Housing Program adopted by County includes $460 Million in funding for rental housing development and homeownership programs for households at a range of incomes. The rental housing development fund would support new construction and preservation of existing affordable units targeted to low income residents, and would include an innovation and opportunity fund that could be used for activities such as land and market rate unit acquisition. The City would be eligible to receive a base allocation of funds and would have access to the regional funding pool to leverage local dollars for projects that meet the program criteria. Homeownership programs would receive a targeted allocation of $120 Million and would be administered by the County. To allow access for middle income homebuyers looking to purchase in high costs areas such as Pleasanton, this program would be available for households with incomes up to 150% of Area Median Income. A full description of programs is included in the attached staff report and narrative from the County. Submitte by: Fiscal Review: Approved by: • 4P\-- Brian Dolan Tina Olsen Nel on Fialho Assistant City Manager Director of Finance City Manager Page 2 of 3