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Attachment 4 3) City Lower Income Housinci 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 (UHF) with the following established purposesi Creating now affordable lower income and moderate income housing Cooffset the impacts of new development, both residential and commercial/office/industrial, on the City's housing stock. Enabling the City tomeet the portion ofits lower income and moderate income housing needs as identified in the {}anena| Plan Housing Element which cannot be adequately nna{ through other measures such aninclusionary 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 P|oo Housing Element for affordability level, housing tenure, and other priority issues. Priority is given to projects which address the housing needs ofvery low income, low income, and moderate income households according to the level of need established in the Genera! Plan Housing Element, Priority is also given to projects oractivities that create new affordable housing through new construction, aoquiaition, rehabilitation, extending the term ofaffordability, and similar methods. The portion ofthe L|HFwhich isderived from fees collected from commerciai, u#ioe, and industrial development is maintained separately from foes derived from residential development and may be used mo|a|y 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 84-80) The eligible uses for the L|HFare summarized below: ° Property acquisition , Purchase nfland for new construction ° Purchase of existing housing units for conversion, redevelopment or rehabilitation ° Purchase ofexisting affordable housing units (opreserve affordability ° New construction ° Payment of costs associated with construction of new rental or ownership housing for very low orlow 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 |uvv income rental and ownership housing ° Projects or activities related to the physical maintenance of rental and ownership housing occupied byvery low orlow income households ° ° 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 etleast 70Y6low 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.