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(iv) Method of Targeting Proceeds. <br /> <br /> It is anticipated that a overwhelming majority of the <br /> proceeds will be used for new housing given the housing stock <br /> currently under construction in Pleasanton. However, to the <br /> extent necessary at the time funds are available, funds will <br /> be used for existing housing, subject to state law <br /> limitations. <br /> <br /> (v) Other Pertinent Information. <br /> <br /> See Section A(iii). <br /> <br /> B(2) Development Policies and Goals. <br /> <br /> The California State Legislature has found and <br />declared that <br /> <br /> there exists within the State of California a serious <br /> shortage of decent, safe, and sanitary housing which is <br /> affordable to many persons in the state. This shortage is <br /> exacerbated during periods of rising interest rates, <br /> particularly as high interest rates have the effect of <br /> diminishing the number of otherwise creditworthy buyers from <br /> qualifying for private sector mortgage capital sources. In <br /> order to remedy this adverse effect on potential home buyers <br /> on the lower end of the purchasing spectrum, it is necessary <br /> to implement a public program to reduce the cost of mortgage <br /> financing for the single-family purchases for those persons <br /> unable to compete for mortgage financing in the conventional <br /> mortgage market. <br /> <br />California Health and Safety Code Sec. 52001. <br /> <br /> The California State Legislature has additionally found <br />and declared that <br /> <br /> it is necessary and essential that counties and cities be <br /> authorized to ~directly and indirectly make long-term, <br /> low-interest loans to persons not presently eligible for <br /> financing through private sector lending institutions to <br /> finance construction, rehabilitation, and acquisition of <br /> homes in order to encourage investment and upgrade local <br /> areas. <br /> <br />California Health and Safety Code Sec. 52002. <br /> <br /> City of Pleasanton plans to issue qualified single <br />family mortgage bonds in 1985 in furtherance of the above-stated <br />policies of the California State Legislature and in conformance <br />to the following policies and goals: <br /> <br /> <br />