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grants priority within each year's 650 unit allocation <br />to those projects fulfilling the lower and moderate <br />income housing objectives established in the Housing <br />Element. This Program has proven to be very successful <br />as evidenced by the 11 projects containing affordable <br />housing that have been constructed in accordance with <br />the Program since its adoption in 1982. <br /> <br />The actual construction, of affordable housing by <br />developers receiving &llotment bonuses is guaranteed <br />through contractual agreements between the City and the <br />developers. Program 7.3 of the Housing Element <br />currently exl:ends the duration of iow-income set aside <br />units within apartment projects such as those proposed <br />~hrough the Growth Management Program to a minimum of 30 <br />years. <br /> <br />F. Density Bonus <br /> <br />The City provides a 25 percent density bonus to <br />developers for (among other things) choosing to set <br />aside a portion of their housing units for low' or <br />moderate income households. This provision is <br />consistent with the requirements of state, law and <br />further strengthens the Growth Management Program <br />incentives. <br /> <br />G. Tax-Exempt Financina <br /> <br />The City has the authority to issue tax-exempt bonds or <br />notes for the development and rehabilitation of single- <br />family owner-occupied and multifamily rental housing. <br />The City recently cooperated with the California Housing <br />Finance Agency (CHFA) to receive partial funding for the <br />Ridge View Commons Project throughbond financing. Tax- <br />exempt financing enables the owner to borrow funds at <br />rates which are below conventional rates. <br /> <br />The Pleasanton Housing Authority was established for the primary <br />purpose of overseeing ownership and maintenance of the Kottinger <br />Place senior housing development. This project contains 50 units <br />for low-income seniors. The Authority does not receive funding, <br />and is not involved in the actual development of housing. <br />Therefore, it is not considered to be a potential source of funding <br />for new or replacement housing~ <br /> <br />RECOMMENDED HOUSING BL~WW~T. ~_~VISIOMA INT~NDBD TO PRESERV~ <br />UNITS AT RISK OF LOSING RISTRICTIONS <br /> <br />The following amendments to the Pleasanton Housing Element are <br />recommended in order to establish a policy and program framework <br /> <br />- 9 - <br /> <br /> <br />