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BACKGROUND Alameda County conducted an extensive public outreach process, beginning in February 2016, which included work sessions, stakeholder meetings and Supervisorial District town hall meetings to solicit input on potential programs and uses for the housing bond revenues and discuss potential funding priorities. At their June 28, 2016 meeting, the Board of Supervisors approved the proposed Housing Bond 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. The County is now underway with a campaign to educate voters on need for the bond measure. DISCUSSION As previously mentioned, the County proposes to allocate proceeds through a combination of programs administered directly by the County, through "base" allocations directly to individual cities and through pooled funding allocations to the North, Mid, East and South County regions. Eligible activity categories will include: • Affordable Rental Housing Development: $425 Million in funding for rental housing development which would provide "gap" funding (e.g. projects would receive the majority of development funding from other sources) for new construction and preservation of existing affordable units targeted to low income residents. The City would be eligible to receive a base allocation of $13,720,684 and would have access to the over $27 Million regional funding pool to leverage local dollars for projects that meet the program criteria. • Homeowner Programs: $120 Million would be allocated towards down payment assistance, homeowner housing development and housing preservation loan programs (housing rehabilitation). These programs would be administered by the County and be accessible to all jurisdictions. Homebuyer programs would allow participation for up to middle income homebuyers (150% of Area Median Income). • Innovation and Opportunity Fund: $35 Million would be allocated to a County- wide fund which would be developed as a flexible funding source that would be able to capitalize on market opportunities such as site acquisition loans and pre- development work. The County is now seeking the endorsement and support of participating cities and stakeholders for the bond. If approved by voters in November, the Programs proposed to be funded through bond proceeds would align with several of the City's affordable housing programs. Submitted by: Fisc I Review: Approved y: /Ink Brian Dolan Tina Olsen Nelson Fialho Assistant City Manager Director of Finance City Manager Page 2 of 2