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THE CITY OF 2 pLEASANTO I CITY COUNCIL AGENDA REPORT September 6, 2016 City Manager TITLE: RESOLUTION OF SUPPORT FOR ALAMEDA COUNTY'S 2016 GENERAL OBLIGATION BOND FOR AFFORDABLE HOUSING SUMMARY In August, 2016, Staff from the Alameda County Housing and Community Development Department presented information on the $580 Million Affordable Housing Bond which the Alameda County Board of Supervisors have authorized to be considered by voters on the November 2016 ballot. Housing programs funded through the bond would address the severe shortage of affordable housing (both rental and ownership) for lower and middle income households in the County with emphasis on those who are particularly experiencing a lack of housing options in the current market, including seniors, people with disabilities, homeless, veterans other special needs persons. Under the proposed distribution of bond proceeds, the City of Pleasanton would have access to a new source of funding to support affordable rental housing developments and first time homebuyer programs. The County is now requesting that local jurisdictions endorse the efforts of the bond measure. RECOMMENDATION It is recommended that the City Council adopt a Resolution in support of the 2016 Alameda County General Obligation Bond for Affordable Housing. FINANCIAL STATEMENT Under the Housing Program adopted by the Board of Supervisors, the City would be eligible for a base allocation of $13,720,684 in funds for rental housing development projects, and would have access to an additional $27,332,372 regional rental development funding pool for East County (including Livermore and Dublin). The proposed bond would be paid for by an assessment of approximately $14 per $100,000 in assessed property value for owners in Alameda County based on the County's current assessed valuation. The bonds are expected to be 20 year bonds in several issuances over an approximately six year period, therefore some amount of the bonds will be outstanding for approximately 26 years. The actual amount assessed to individual property owners each year will depend on the amount of the outstanding bonds, and the interest rate when the bonds are issued on assessed valuations County- wide. The average cost to Alameda County property owners is estimated at $48-56 per month, although average property values in Pleasanton are higher than the County average, and therefore costs would likely be higher.