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<br />Continuum of Care SuperNOF A <br />As part of the Homeless Continuum of Care Council, the City supports agencies serving the San <br />Leandro homeless population in their application for funding under the annual SUPER NOF A, <br />issued by HUD for supportive housing and Shelter Plus Care programs. <br /> <br />STATE <br /> <br />State Housing and Community Development (HCD) Programs <br />State HCD has a variety of affordable housing programs to assist eligible local governments. <br />Many of its programs were funded from Proposition 46, a housing bond passed by State voters in <br />FY 2002-03. Most of the funding is awarded on a competitive basis. The Multifamily Housing <br />Program (MHP) provides low interest loans for affordable rental housing projects. . <br /> <br />Low-Income Housing Tax Credits (State) <br />State low-income housing tax credits are awarded in conjunction with federal low-income <br />housing tax credits to eligible affordable rental housing developments. State low-income housing <br />tax credits provide less equity funding than federal tax credits, but still serve as vital financing. <br /> <br />California Housing Finance Agency (CalHFA) <br />CalHF A provides a variety of tax-exempt bond financing for the creation and preservation of <br />affordable housing and first-time homebuyer programs. The HELP Program through CalHF A <br />provides competitive low interest loans of up to $1.5 million each for housing programs. The <br />City could consider applying for a HELP loan to increase funding for a specific project. CalHF A <br />also offers a multitude of first-time homebuyer assistance programs to eligible homebuyers <br />through participating lenders. <br /> <br />Mortgage Revenue Bonds <br />Under the Internal Revenue Code, the City can become an issuer of mortgage revenue bonds for <br />the purpose of funding affordable housing development. Under the regulations, at least 20% of <br />the units must be affordable to families at or below 50% of the area median family income <br />(AMI) or 40% of the units affordable to families at or below 60% of the AMI. However, the <br />City can negotiate any amount allowed for rent levels that would be restricted in exchange for <br />issuing the tax-exempt bonds. <br /> <br />Mortgage Credit Certificates <br />Alameda County serves as the lead agency for allocation of Mortgage Credit Certificates (MCC), <br />which provide a tax credit to subsidize the mortgage interest rate for qualified first-time <br />homebuyers. The County receives MCC funding through State bonds. <br /> <br />Action Plan ~ FY2006-07 <br />City of San Leandro <br />Page 4 <br />