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facility project on Sunol Blvd. which was completed in January 2007 and opened for <br />occupancy in March 2007. <br />Environmental Enhancement and Mitigation Program <br />This program provides grants to projects that mitigate environmental impacts resulting <br />from modified or new public transportation facilities. The Resources Agency of the <br />California Transportation Commission selects projects. <br />Exterior Accessibility Grants for Renters (EAGR) <br />This program provides grants for the construction of exterior accessibility improvements <br />for renters. The City may consider applying for EAGR funds as a supplement to <br />assistance offered through the Housing Rehabilitation program. <br />Low Income Housing Tax Credits (Federal and State) <br />Housing developers can apply to the state for an allocation of tax credits to finance low <br />income rental housing developments. "fhe tax credits are syndicated to corporations in <br />exchange for project equity. In 2004, the City assisted Ponderosa Homes in its successful <br />application for four percent tax credits to construct a 172-unit senior apartment project on <br />the Busch property. This project, which was completed in spring 2005, includes 138 <br />units for low and very low income seniors. The City will continue to consider tax credits <br />to fund both new construction as well as acquisition and rehabilitation to promote new <br />affordable housing development. <br />Mortgage Revenue Bonds <br />Local jurisdictions can apply to the state for authority to issue tax-exempt mortgage <br />revenue bonds for the purpose of funding affordable housing development. The City has <br />used this financing technique to facilitate several apartment developments with affordable <br />rental units in the 1980's and 1990's and recently participated in bond refinancing in <br />return for an extension of the regulatory agreement terms for lower-income units at two <br />large apartment complexes. Local jurisdictions can also apply to the state for an <br />allocation of single family mortgage revenue bonds to provide low-interest mortgages to <br />qualified first-time homebuyers. As described above, the City recently assisted <br />Ponderosa Homes to secure bond financing to construct a 172-unit apartment complex on <br />the Busch property in east Pleasanton. The complex includes 138 units for low and very <br />low income households. The first units were occupied in spring 2005. <br />Action Plan - FY07 <br />City of Pleasanton <br />Page 6 <br />