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<br />EmmIT A: <br /> <br />POLICIES AND GUIDELINES FOR USE OF THE <br />CITY OF PLEASANTON LOWER-INCOME HOUSING FUND <br /> <br />1uly 5, 1994 <br /> <br />Purpose of the Lower-laeome Houslq FuIld <br /> <br />To create new affordable (lower-income and moderate income) housin& to offset the impacts <br />of new development, both midential and commercial/office/industrial, on the City's housing <br />stock. <br /> <br />To enable the City to meet the portion of its lower-income and moderate income housing <br />needs, as identified in the 0encraJ. Plan Housing Element, which cannot be adequately met <br />through other measums such as inc1usionary programs and market rate projects. <br /> <br />DeflDitlom <br /> <br />The various terms used in these policies (e..., moderate income, lower-income) shall be as <br />defined in the onIinance establishina the Lower-Income HouaiDg fee (Municipal Code <br />Chapter 17.40), cxcept as otherwise described in this section. <br /> <br />As noted in Section 17.40.020, the term "lower-income" refers to households with incomes <br />no greater than SO" of the area median income level, This broad category includes both <br />"low income" (SO" to SO" of median) and "very low income" (less than SO" of median) <br />households. <br /> <br />General Policies <br /> <br />Bousina Funds shall be used for projects or activities which benefit Plcasanton rcsideIlts <br />and/or worms and which address the goals, policies, and proerams of the General Plan <br />Housing Element for affordability level, housing tenure, and other priority issues. <br /> <br />Priority shall be given to projects which address the housing needs of "vay low income," <br />"low income," and Rmoderate income" households accordina to the level of need established <br />in the General Pian HOIISina Element, <br /> <br />1 <br />