SR 06:116 - Laserfiche WebLink

Priority shall be given to projccts or activities which create new affordable housing through new construction, acquisition, rehabilitation, extending the term of affordability, and similar methods. If deemed appropJ~te, the City Council may establish a target or cap each year for the amount of the Housing Fund which may be made available to supplement the Community Development mock Grant (CDBG) program in conjunction with the annual CDBG funding allocation process. The portion of the Housina Fund which is derived from fees collected from commetcial, OffLCe, and industrial development sha1l be scgrepted from the portion of the fund derived from residential development, as required in Section 17.40.090C. Accordingly, the former may be used solely for activities aimed at providing lower-income housina for Pleasanton workers. Uses of the Lower-Ineome BlM',lnl Fund The City C01D1cil has established the following categories as allowable UICI of the Housing Fund: I. P1'o9My Acquisition A. The purchase of land for which the puI]JOIe is the new construction of: 1. Rental or ownership housing for "very low income" and/or "low income" households. 2. Ownership housing for "modemre income," first-time home buyer households. B. The purchase of existing housing units for which the purpose is the development (e.g., through conversion, redevelopment, rehabilitation) of: 1. Rental or ownership housing for "very low income" and/or "low income" bouseholds. 2_ Ownership housing for "moderate income," (%rat-time home buyer households. C. The purchase of existing affordable housing units in which prior affordability provisions arc at risk of termination or expiration and where the objective is to maintain or prolong housing affordability. including: 2