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ATTACHMENT 1, EXHIBIT B CITY OF PLEASANTON STAFF REPORT DATE: , 2022 TO: The Mayor and City Council FROM: SUBJECT: CONSIDERATION OF A RESOLUTION AUTHORIZING THE CITY OF PLEASANTON TO BECOME AN ADDITIONAL MEMBER OF THE CSCDA COMMUNITY IMPROVEMENT AUTHORITY RECOMMENDED ACTION: Adopt a resolution authorizing the City to become an additional member of the CSCDA Community Improvement Authority(the"Authority"); supporting the Authority's issuance of bonds for the production, preservation, and protection of essential middle-income rental housing; and authorizing the City Manager or designee to enter into public benefits agreements with the Authority, which may result in the City receiving surplus revenue from the future sale of such middle-income rental housing within the City. BACKGROUND: The City encourages and supports a full range of housing options affordable to different income levels. There is currently limited Federal, State or local subsidies or programs to produce or preserve the growing shortfall of below market rate rental housing for moderate and middle- income households. To date, affordable housing programs in California have almost exclusively focused on providing housing for low-income households, which are households that earn at or below 80% of area median income ("AMI"). State and federal funding sources are almost exclusively targeted to households at or below 60% of AMI. This has left a "missing middle," comprised of households that earn too much to qualify for traditional affordable housing programs but not enough to afford market rate housing. DISCUSSION: The California Statewide Communities Development Authority ("CSCDA") is a joint powers authority founded and sponsored by the League of California Cities ("League") and the California State Association of Counties ("CSAC"). CSCDA was created by the League and CSAC in 1988 to enable local government and eligible private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California. CSCDA is comprised of more than 530 cities, counties and special districts, including the City of Pleasanton, which has been a member since 1995. CSCDA has issued more than $65 billion through 1,600 plus transactions across its diverse public benefit financing programs. CSCDA helps local governments build community infrastructure, provide affordable housing, create jobs, and make access available to quality healthcare.