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'Chc HELP (Housing Enabled by Local Partnerships) program offered 3.5% interest rate <br />loans to local government agencies for locally determined affordable housing activities <br />and priorities. "Che City successfully applied for $450,000 in HELP funds in 2004 (in <br />collaboration with the City of Livermore) to establish a Down Payment Assistance (DPA) <br />loan program for low and moderate income Pleasanton home buyers. "Chc state funds <br />were combined with $150,000 in local (City I lousing) Cunds. The unexpended funds <br />from this allocation were terminated in [~lovernbcr 2006, and the City received a new <br />allocation of $250,000 in August 2007 to continue the program. These funds were fully <br />utilized by mid-2008, and the City has continued to offer the DPA program using 100% <br />local funding. The City also received $LS million in HELP funds in 2005 to provide gap <br />financing for its Parkview assisted living Cacility project on Srmol C31vd. which was <br />completed in January 2007 and opened for occupancy in March 2007. The City will <br />continue to consider and pursue CalHFA funding opportunities as available. <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. "I'he Resources Agency of the <br />California'Cransportation 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. "Chc 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 />I lousing developers can apply to the state for an allocation of tax credits to finance low <br />income rental housing developments. The tax credits are syndicated to corporations in <br />exchange for project equity. In 2004, the City assisted Ponderosa [ [omes in its successlld <br />application for tour 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. "Chc City has been working with Windstar <br />Properties on the development of a 350-unit transit-oriented apartment development that <br />will include at least 70 units for very low income households near the fixture West <br />Dublin / Stoneridge BAR'C station. Windstar anticipates applying for tax credits as the <br />primary financing mechanism for the project. 'Chc City will continue to consider tax <br />credits to land new construction as well as acquisition and rehabilitation to promote new <br />affordable housing development. <br />Mortgage 12evenue 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. 'Che City has <br />Action Plan - FY09 <br />City of Pleasanton <br />1'aRc 7 <br />