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Under the regulations, at least 20°I° of the units must be affordable to families at or below 50% of the average median family income (AMI) or 40°I° of the units affordable to families at or below 60% of the AMI. However, the City can negotiate any amount allowed for rent levels that would be restricted in exchange for issuing the tax-exempt bonds. STATE • Under Proposition 46 passed by California voters in 2002-03, $2.3 billion were made available to fund a variety of housing programs. The Department of Housing and Community Development will disburse these funds over afive-year period. All funding awarded will be through competition. Funds will be available for multifamily housing projects (MHP), homebuyer programs (CalHome) and housing rehabilitation (CalHome). The City could consider applying for one of these grants, if eligible, to supplement funds from the sources used in this Plan. • California Housing Finance Agency (CaIHFA) HELP program provides competitive grants of up to $1 million each for housing programs. The City could consider applying for a grant to increase funding for a specific project. LOCAL • The Redevelopment Agency estimates $1,410,302 of Housing Set-Aside tax increment revenues and interest for 2004-05 plus an estimated carryover of $1,841,450 in the Set-Aside Fund Balance to be used for housing programs and projects identified in the Housing Strategy. State redevelopment law requires redevelopment agencies to set aside 20% of the tax increment to provide affordable housing. Matching requirements of the HOME Program must be satisfied with non-federal dollars. The City will utilize redevelopment housing set- aside funds to meet the match required when using HOME funds for a housing project development. • The City anticipates allocating $235,000 from the general fund and $29,000 from gun taxes for social service programs during the fiscal year. CDBG will fund other social service projects. • The City plans to use general fund money to fund the Rent Review Board to assist landlords and tenants in mediating rent increases. • The City plans to use $899,370 from the San Leandro Housing Finance Corporation to finance affordable housing construction projects for very low income families. PRIVATE • The Redevelopment Agency policy requires private housing developers in redevelopment project areas to provide 15% of the units in their project at rent or sale prices that would be affordable to moderate and very low income families. Action Plan FY2004-05 City of San Leandro Page 7