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Environmental Enhancement and Mitigation Program This program provides grants to projects that mitigate environmental impacts resulting from modified or new public transportation facilities. The Resources Agency of the California Transportation Commission selects projects. Exterior Accessibility Grants for Renters 0gAGR) This program provides grants for the construction of exterior accessibility improvements for renters. The City may consider applying for EAGR funds as a supplement to assistance offered through thc Housing Rehabilitation program. Low Income Housing Tax Credits (Federal and State) Housing developers can apply to thc state for an allocation of tax credits to finance low income rental housing developments. The tax credits are syndicated to corporations in exchange for project equity. In 2004, the City assisted Ponderosa Homes in its successful application for four percent tax credits to construct a 172-unit senior apartment project on the Busch property. This project, which is duc to bc completed in April 2005, includes 138 units for low and very low income seniors. Thc City will continue to consider tax credits to fund both new construction as well as acquisition and rehabilitation to promote new affordable housing development. Mortgage Revenue Bonds Local jurisdictions can apply to the state for authority to issue tax-exempt mortgage revenue bonds for the purpose of funding affordable housing development. The City has used this financing technique to facilitate several apartment developments with affordable rental units in the 1980's and 1990's and recently participated in bond refinancing in return for an extension of the regulatory agreement terms for lower-income units at two large apartment complexes. Local jurisdictions can also apply to the state for an allocation of single family mortgage revenue bonds to provide low-interest mortgages to qualified first-time homebuyers. As described above, the City recently assisted Ponderosa Homes to secure bond financing to construct a 172-unit apartment complex on the Busch property in east Pleasanton. The complex includes 138 units for low and very low income households. The first units will be occupied in April 2005. Mortgage Credit Certificates Local jurisdictions can apply to the state for an allocation of Mortgage Credit Certificates, which provide a tax credit to subsidize the mortgage interest rate for qualified first-time homebuyers. The MCC program in Pleasanton is coordinated through Alameda County, and the City pays an annual administrative fee to the County to cover program administration. Starting in FY 2003, the City prioritized its MCC allocation for buyers of 56 below-market priced homes on the Bemal property (Walnut Hills, Canyon Oaks, and DRAFT = Action Plan - FY05 City of Pleasanton Page 5