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Attachment 4 al City Lower Income Housing Funds for Housing Since 1978, the City of Pleasanton has charged an in-lieu fee from developers in order to address the need for affordable housing related to new growth (residential and commercial). The fees have been used to create a Lower Income Housing Fund (LIHF) with the following established purposes: • Creating new affordable lower income and moderate income housing to offset the impacts of new development, both residential and commercial/office/industrial, on the City's housing stock. • Enabling the City to meet the portion of its lower income and moderate income housing needs as identified in the General Plan Housing Element which cannot be adequately met through other measures such as inclusionary programs and market rate projects. LIHF funds shall be used for projects or activities which benefit Pleasanton residents and/or workers and which address the goals policies and programs of the General Plan Housing Element for affordability level, housing tenure, and other priority issues. Priority is given to projects which address the housing needs of very low income, low income, and moderate income households according to the level of need established in the General Plan Housing Element. Priority is also given to projects or activities that create new affordable housing through new construction, acquisition, rehabilitation, extending the term of affordability, and similar methods. The portion of the LIHF which is derived from fees collected from commercial, office, and industrial development is maintained separately from fees derived from residential development and may be used solely for activities aimed at providing lower income housing for Pleasanton workers. In July 1994, the City Council adopted a set of policies and guidelines for use of the LIHF (Resolution No. 94-80). The eligible uses for the LIHF are summarized below: • Property acquisition • Purchase of land for new construction • Purchase of existing housing units for conversion, redevelopment or rehabilitation • Purchase of existing affordable housing units to preserve affordability • New construction • Payment of costs associated with construction of new rental or ownership housing for very low or low income households • Payment of costs associated with construction of new ownership housing for moderate income, first-time home buyer households • Rehabilitation • Projects or activities that increase the City's stock of low and very low income rental and ownership housing • Projects or activities related to the physical maintenance of rental and ownership housing occupied by very low or low income households • Housing counseling / public services related to housing • Provision of counseling and similar assistance where the goal is to expand housing opportunities in Pleasanton for low and very low income households (must benefit at least 70% low income households) • Financial activities • Direct and indirect financial assistance to projects that provide affordable housing • Funding for second mortgage and down payment assistance programs for moderate, low, and very low income households The use of the LIHF is subject to review and approval by the City Council on a case-by-case basis to ensure consistence with the City's adopted policies.