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f <br /> Program Parameters: <br /> / . .41 / The housing developed under this <br /> / `- component must meet the requirements of <br /> Ar the Rental Housing Development Program <br /> /' C described above, however the program will <br /> 11- ,411Fri • -"..-if: be administered differently to allow for <br /> � i =. rapid response to market opportunities and <br /> --- to allow for flexibility and innovation, <br /> '- -F _`-- within the general obligation bond and- ir <br /> ;:_�. 11 ! I program requirements. These funds will be <br /> available on a countywide basis, to enable <br /> Cottonwood Apartments, Fremont, Eden Housing the program to respond to opportunities that <br /> arise throughout the County. <br /> One use of funds under this program component will be the creation of a rapid-response, high- <br /> opportunity site acquisition and predevelopment loan program under which pre-qualified <br /> developers can apply for quick-turnaround, relatively small loans, to secure properties for <br /> purchase. These properties can include, for example, vacant land, existing apartment buildings, <br /> or motels that can be converted to housing, that become available for sale in the market. If <br /> existing, occupied apartment buildings are acquired, lower-income qualified current residents <br /> will not be displaced, but rather the buildings may be renovated if needed and affordable rents <br /> either maintain or instituted. <br /> Funding under this component may also be used to develop other innovative, bond-qualified <br /> programs that serve the same needs as the Rental Housing Development Program, allowing <br /> flexibility to develop creative responses to community needs and changing conditions in the <br /> housing market. <br /> IMPLEMENTATION <br /> The County has significant experience in implementing these types of programs efficiently and <br /> effectively. The Housing and Community Development Department of the County's <br /> Community Development Department has successfully financed over 90 multi-family affordable <br /> rental housing projects, assisted over 5,000 first time home buyers over a 30 year period with <br /> Mortgage Credit Certificates, and created and implemented an affordable <br /> acquisition/rehabilitation homeownership program. <br /> The County will evaluate programs as they are designed, implemented, and delivered, to ensure <br /> effectiveness. This information will be considered annually and program modifications will be <br /> made as appropriate, based on this evaluative data. <br /> 15 <br />