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Policy 24.9: Provide rehabilitation funds where <br />appropriate for apartment complexes in exchange for <br />ex~ended assisted housing time periods. <br /> <br />Responsible Agency: City Council <br />Time Period: Beginning 1992 and ongoing <br />Funding Source: Lower Income Housing Fee, and <br /> federal and state housing <br /> rehabilitation programs. <br /> <br />Policy 24.10: Issue bonds or provide other funding <br />where appropriate to reduce apartment complex <br />mortgage rates in exchange for extended assisted <br />housing time periods. <br /> <br />Responsible Agency: <br />Time Period: <br />Funding Source:' <br /> <br />City Council <br />Beginning 1992 and ongoing <br />Lower Income Housing Fee, and <br />tax exempt bonds. <br /> <br />E. Add a New Proaram on Paae-IV-22 to read; <br /> <br />Program 9.5: Strive to construct, <br />conserve housing during the nex~ <br />according to ~he following: <br /> <br />rehabilitate, and <br /> five (5) years <br /> <br />Quantified Objective New Construction* Reh~. Conservation <br />.Very Low Income Suitable sites: 745 3 100% <br /> Programs to ass/st: 200** <br />Low Income 497 2 100% <br />Moderate Income 709 N/A 100 % <br />Above Moderate Income' 1,596 N/A 100% <br /> <br />City Housing Need as specified in the ABAG, <br />Housina Need Determination, January 1989 <br /> <br />The market respons~ to Growth Management <br />provisions provides for low, moderate, and <br />above moderate income housing; however, land <br />values, construction costs and inability to <br />obtain financing does not readily permit the <br />development of very low income housing. City <br />initiated projects attempt to make up for this <br />'deficiency as much as possible. <br /> <br />- 14 - <br /> <br /> <br />