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Continuum of Care SuperNOFA <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 NOFA, <br />issued by HUD for supportive housing and Shelter Plus Care programs. <br />STATE <br />State Housing and Community Development (HCD) Pro rg ams <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 />Low Income Housing Tax Credits (Stated <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 />California Housing Finance A ency (Ca1HFA~} <br />CHFA 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 Ca1HFA <br />provides competitive low interest loans of up to $1 million each for housing programs. The City <br />could consider applying for a HELP loan to increase funding for a specific project. Ca1HFA also <br />offers a multitude of first time homebuyer assistance programs to eligible homebuyers through <br />participating lenders. <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 2Q% of <br />the units must be affordable to families at or below 50% of the area median family income (AMI) <br />or 40% of the units affordable to families at or below 60% of the AMI. However, the City can <br />negotiate any amount allowed for rent levels that would be restricted in exchange for issuing the <br />tax-exempt bonds. <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 />Action Plnn - FY'~005-06 <br />Crty ~/'San Leandro <br />Pale 3 <br />