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Mortgage Credit Certificates Local jurisdictions can apply to the state for an allocation of Mortgage Credit Certificates, which provide a tax credit to subsidize the mortgage interest rate for qualified first-time homebuyers. The MCC program in Pleasanton is coordinated through Alameda County, and the City pays an annual administrative fee to the County to cover program administration. Starting in FY 2003, the City prioritized its MCC allocation for buyers of 56 below-market priced homes on the Bernal property (Walnut Hills, Canyon Oaks, and Carlton Oaks). This program involved a cooperative agreement with Alameda County in which the City was able to borrow against its future MCC allocations in order to make additional MCC's available to buyers of the Bernal homes. Through an agreement between the City and the builders, KB Home and Greenbriar Homes Communities, the 56 duet homes (1,300 sq. ft., 3 bedrooms/2 baths) were sold at a cost of $199,000 to low income buyers (80% of AMI). The City made available up to $20,000 in individual second mortgage loans to each buyer on a need basis. Buyers were responsible for obtaining the primary mortgage financing. The first homes were occupied in July 2002, and occupancy of the final units occurred in mid-2005. In 2007, the City approved an Affordable Housing Plan with Silverstone Communities for a new condominium project which yielded 12 new affordable units (5 low-income, 2 moderate- income, and 5 "affordable by design"). Similarly, an agreement was reached in 2006 with Lyon Property Management which will potentially yield 35 below-market priced condominiums in the Stoneridge Apartments project when the owner moves forward with sale of the condo units. Multi-Family Housing Program Local jurisdictions can apply to the State for the purpose of funding affordable multi- family housing developments. Opportunity Zone Inter-regional Partnership The County has two inter-regional partnership-designated jobs/housing balance opportunity zones: one is a project involving Dublin BART station and one for a project at San Lorenzo Village. The County will apply for and support applications for any funds that these projects are eligible for that will assist in implementation. Public Utilities Commission (PUC) Rule 20A Rule 20A provides an annual allocation to Alameda County from PG&E for infrastructure improvements related to electric utility under-grounding. State Funds for Transportation Financing In addition to the program above, there are several transportation financing opportunity programs including Flexible Congestion Relief Program, State and Local Transportation Action Plan - FY08 City of Pleasanton Page 7