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Objective 3: Assist low and moderate income first time homebuyers Activities: • The First Time Home Buyers Program will assist 10 families with home ownership through down payment assistance. $200,000 is proposed for this program using Redevelopment Set-Aside Funds. The maximum loan amount per family is $20,000, but the amount actually awarded depends on the families' need for gap financing. This program works closely with the Below Market Rate (BMR) Home Ownership program. The BMR Program is an inclusionary housing requirement that requires developers to make 15% of the units affordable (for low and moderate income families) in new housing projects within Redevelopment Areas. San Leandro is considering implementing a citywide inclusionary housing policy to replace the existing BMR requirements. • HOME funds will be reserved to subsidize home ownership of condos or townhomes though a developer subsidy. It is anticipated that four households will be able to purchase these homes. • The City participates with the Alameda County in the Mortgage Credit Certificate (MCC) Program. San Leandro aims to utilize the maximum number of MCCs' received by the City and the County, with a goal of assisting at least four households. • The City provides at least four homebuyer counseling seminars for potential buyers attendance in the program is a requirement to participate in the city's homebuyer program. Action Plan F'P2004-05 City of San Leandro Page 12 Cherrywood -Some Below Market Rate for-sale units for homeowners using the First time Home Buyer Program