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PROPOSED $580 MILLION AFFORDABLE HOUSING GENERAL OBLIGATION <br /> BOND PROGRAM SUMMARY <br /> June 28, 2016 <br /> Summary <br /> In November 2016, Alameda County residents will have an opportunity to direct more resources <br /> towards addressing a range of critical affordable housing needs by passing a general obligation <br /> bond measure. The measure,a$580 million General Obligation Bond, will create new affordable <br /> rental and homeowner housing units and assist existing low-income and vulnerable residents. <br /> Acknowledging Alameda County's well-documented affordability gap for both rental and <br /> ownership housing across a range of income levels, the Bond program was developed with <br /> extensive input from the community, including 15 formal stakeholder and Board of Supervisor's <br /> committee meetings and an on-line survey. The capital investment in housing made possible by <br /> the Bond will help to meet the needs of lower income seniors, people with disabilities, homeless, <br /> veterans, re-entry, youth aging out of foster care, and low-income working families, while also <br /> helping to stabilize existing neighborhoods and increase the livability in every community in the <br /> County. Increasing access to safe and affordable housing will, in turn, promote diversity, social <br /> equity, and economic vitality—cornerstones that support our thriving County. <br /> The 2016 Affordable Housing Bond proposes two categories of investments, each of which <br /> supports housing for Alameda County households at a range of income levels: <br /> • Affordable Rental Housing Development Programs <br /> o Development of new and preservation of existing affordable rental housing units <br /> for residents of Alameda County; and <br /> o Creation of an Innovation & Opportunity Rental Housing Program to promote <br /> innovation and capture opportunities as they arise in the market. <br /> • Affordable Home Ownership Programs <br /> o Down Payment Loan Assistance Program to assist middle-income, first-time <br /> home buyers to stay in Alameda County; <br /> o Home Preservation Rehabilitation Program to help low-income homeowners, <br /> especially seniors and people with disabilities, to remain safely in their homes; <br /> and, <br /> o Homeownership Development Program to create homeownership opportunities <br /> for lower-income residents. <br /> 1 <br />