SR 06:111 - Laserfiche WebLink

Redevelopment Tax Increment Funds The City of Pleasant on does not have a redevelopment area and, therefore, does not have a source of redevelopment tax increment funds to finance affordable housing and related activities. PRIVATE Community Reinvestment Act (CRA) Local lenders are encouraged by state, county, and local policies to provide favorable lending terms for projects which involve the provision of affordable rental and ownership housing. The City has encouraged developers of affordable housing projects to explore opportunities with local lenders in conjunction with the construction of their projects. In addition, CRA benefits have been a significant incentive in attracting prospective financial partners for City-sponsored loan programs and the upcoming Tri-Valley Housing Opportunity Center (TVHOC). Other Local foundations, faith communities, service organizations and private individuals contribute their support for a variety of homeless assistance and prevention programs, which serve Pleasanton. LEVERAGING PLAN For all housing and community development activities, the City of Pleasant on will support applications by other entities to all public and private sources of financing. In the case of matching requirements for a funding source, the City will use for a match such sources as City Housing Funds, other local agency funds, publicly owned land, and private donations. To maximize leveraging of its own funds and to increase the funds available for housing, the City plans to undertake the following activities: . Support the purchase and rehabilitation and construction of units by non-profit housing developers. . Continue participation in the Mortgage Credit Certificate (MCC) program operated by the County of Alameda. . Continue to provide support to non-profit, community-based housing developers and service providers. Action Plan - FY06 City or Pleasanton Page 10