RES 91190 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 91-190 RESOLUTION ENCOURAGING THE EXTENSION OF FEDERAL TAX CREDITS TO PROMOTE AFFORDABLE HOIISING WHEREAS, in 1986 the United States Congress revised the tax code to allow for the low income housing tax credit; and WHEREAS, the low income housing tax credit has provided a significant incentive for the development of affordable housing for low-income households as witnessed by the fact that more than 316,000 homes have been produced using these credits and as many as 120,000 homes can benefit each year if the program is in place; and WHEREAS, the City of Pleasanton received direct benefit from this program which provides subsidies to maintain affordable rents at Ridge View Commons, a high-quality, 200-unit affordable housing project for low income senior citizens; and WHEREAS, there exists in the City of Pleasanton and the entire State of California a need to provide additional affordable housing to meet the needs of lower income individuals; and WHEREAS, the low income housing tax credit program is scheduled to expire on December 31, 1991. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section l: That the City Council of the City of Pleasanton, Pleasanton, California supports the low-income housing tax credit program and urges the United States Congress to adopt legislation creating a permanent extension to this program. Section 2: That any legislation adopted relative to the low-income housing tax credits be consistent with the existing legislation in terms of program guidelines and incentives. Section 3: This resolution shall become effective immediately upon its passage and adoption.