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Board of Supervisors June 22, 2016 Page 2 The array of programs includes both homeowner and rental housing programs. Homeowner programs include a first-time homebuyer Down Payment Assistance Loan Program focused on assisting middle-income residents, a Homeowner Housing Development Program to assist low- income residents become homeowners without leaving the County, and a Home Preservation Program focused on existing low-income senior, disabled, and other low-income homeowners to stay in their homes safely and avoid displacement due to changing physical needs or dilapidated conditions. All of these programs will be available countywide and are revolving loan programs. The rental housing programs includes a countywide Innovations and Opportunity Program designed for a quick response to capture opportunities as they arise in the market, including acquisition of existing apartment buildings to avoid displacement of current low-income tenants, and a Rental Housing Development Program focused on very low- and extremely low-income rental housing development for an array of vulnerable populations including homeless people, seniors, veterans, re-entry, youth aging out of foster care, and low-income workforce households. These funds will be distributed countywide according to a formula as described in the attached program. Additional information on housing needs and these programs is in the attached program description. SELECTION CRITERIA AND PROCESS: Detailed program policies and selection criteria and processes for the bond program will be brought to your Board for approval. Specific affordable housing developments to be financed with General Obligation Bond proceeds will be selected and come to your Board for approval after passage of the Bond Measure. FINANCING: Expenses related to issuance of the bonds, program delivery and bond-funded programs will be paid out of the proceeds of the bond. There is no Net County Cost as a result of this action. Very truly yours, Chris Bazar, Director Community Development Agency Attachment cc: Susan S. Muranishi, County Administrator Donna R. Ziegler, County Counsel Steve Manning, Auditor-Controller Naomi Hsu,County Administrator's Office Heather M. Littlejohn,Office of the County Counsel U.B. Singh, CDA Finance Director Andrea Weddle, Assistant County Counsel Kai Mander, County Administrator's Office Theresa Rude, County Administrator's Office Naomi Hsu, County Administrator's Office