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used this financing technique to facilitate several apartment developments with affordable rental units in the 1980's and 1990's and recently participated in bond refinancing in return for an extension of the regulatory agreement terms for lower-income units al two large apartment complexes. Local jurisdictions can also apply to the state for an allocation of single family mortgage revenue bonds to provide low-interest mortgages to qualified first-time homcbuycrs. As described above, the City recently assisted Ponderosa I [omes to secure bond financing to construct a 172-unit apartment complex on the Busch property in cast Pleasanton. "Che complex includes 138 units for low and very low income households. The first units were occupied in spring 2005. Mortgage Credit Certificates Local jurisdictions can apply to the state for an allocation of Mortgage Credit Certificates, which provide a tas 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 [[ills, Canyon Oaks, and Carlton Oaks). "fhis 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 E[ome and Greenbrier I{omes 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. [n 2007, the City approved an Affordable Housing Plan with Silverstone Communities for a new condominium project which yielded l2 new affordable rmits (5 low-income, 2moderate-income, and 5 "affordable by design"). The last of these new homes was occupied in mid-2008. Similarly, an agreement was reached in 2006 with [,yon 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 T,ocal 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 BAR"f station and one for a project at San Lorenzo Village. The County will apply for and support applications for any funds that these projects arc eligible for that will assist in implementation. Action Plan - FYIIH City of Pleasanton Vage N