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STATE <br />Low Income Housing Tax Credits (Federal and State <br />Developers can apply to the State for an allocation of tax credits to finance low-income rental <br />housing developments. The tax credits are syndicated to corporations in exchange for project <br />equity. During the last fiscal year, Citizens Housing received tax credits to complete the <br />acquisition and rehabilitation of the Las Palmas apartments. <br />California Housing Finance A enc~CHFA) <br />CHF'Aprovides avariety oftax-exempt bond financing for the creation and preservation of <br />affordable housing and bond financing for eligible first-time homebuyers. CHAFA also provides <br />financing to eligible homebuyers. <br />Mortgage Revenue Bonds <br />A local jurisdiction can apply to the State for authority to issue tax-exempt mortgage revenue <br />bonds for the purpose of funding affordable housing development. The jurisdiction may also <br />apply for an allocation of single-family mortgage revenue bonds to provide low-interest <br />mortgages to qualified first-time homebuyers. <br />Mortga e Credit Certificates <br />Alameda County serves as the lead agency for the City to apply to the State for an allocation of <br />Mortgage Credit Certificates (MCC), which provide a tax credit to subsidize the mortgage <br />interest rate for qualified first-time homebuyers. <br />Environmental Enhancement and Mitigation Pro,~ram <br />This program provides grants to projects that mitigate environmental impacts resulting from <br />modified or new public transportation facilities. Projects are selected by the Resources Agency <br />of the California Transportation Commission. <br />LOCAL <br />Redevelo ment Tax Increment Funds <br />The City has four redevelopment areas, one of which is a joint City-County Redevelopment <br />Area. Twenty percent of the tax increment revenues collected are set-aside to support various <br />programs for the development and preservation of low- and moderate-income housing. <br />General Funds for Social Services <br />The City of San Leandro provides general funds to support the Community Assistance Program <br />which assists with operational funds to nonprofit social service agencies serving San Leandro <br />residents. <br />Ac[ion Plan - FY2002 <br />City of San Leandro <br />Page 6 <br />