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ATTACHMENT 1, EXHIBIT A 0 CSCDA CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY ® • gCATiE5,:se, N A .w... . ,_.. CSCDA WORKFORCE HOUSING PROGRAM Providing Housing for California's Missing Middle California Statewide Communities Development Authority: A Trusted Partner The California Statewide Communities Development Authority (CSCDA), a joint powers authority, was founded in 1988 by the League of California Cities (League) and the California State Association of Counties (CSAC) to help local governments build community infrastructure, provide affordable housing, create jobs, and make access available to quality healthcare. • CSCDA has issued more than $65 billion in bonds for over 1,700 public benefit financings, including the creation or preservation of nearly 100,000 affordable housing units throughout California. • The CSCDA governing board is comprised of current and retired City Managers, County Treasurer-Tax Collectors and other city and county officials from across the State. CSCDA has always supported and been compliant with all public agency transparency requirements. • Over 530 cities, counties and special districts are CSCDA members. Workforce Housing for Middle-Income Families, First Responders & Public Employees • CSCDA's Workforce Housing Program facilitates the acquisition or construction of properties for middle- income individuals and families typically earning between 60% and 120% of AMI. • Cities and Counties may opt to provide rental preference priority to local healthcare workers, policemen, firemen, teachers, government employees, or local public-school graduates. This"missing middle"earns too much to qualify for traditional subsidized affordable housing, but not enough to afford market rate rents in the communities where they work. • Rent levels will be lowered to 35% of household income at 80% to 120%AMI levels. These rents levels will be annually capped and will always stay within this range of incomes for the life of the bonds(typically 30 years). This provides stability and long-term attainability for residents. • Rent growth is limited under the Regulatory Agreement to Income Growth, not to exceed 4% annually. This locks in rents during the ownership of the asset and provides increasing discounts as the rest of the market recovers. • Current residents will not be displaced by the program. If tenants do not qualify for restricted rents, they may remain at their current market rent. Eventually, all renters will qualify for rent within the 35% of 80% to 120% of AMI range. • Residents tend to spend monthly rent savings, thus benefiting local businesses. www.cscd a.o rq