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Action Plan-FY1999 <br /> City of San Leandro <br /> Page 2 <br /> 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. <br /> California Housing Finance Agency(CHFA): <br /> CHFA provides a variety of tax-exempt bond financing for the creation and preservation of <br /> affordable housing and bond financing for eligible fast-time homebuyers. The Redevelopment <br /> Agency will consider participation in the Loan Guarantee Pool through the California Housing <br /> Loan Insurance Fund(CaHLIF)which is also sponsored by CHFA. <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 /> Mortgage Credit Certificates: <br /> Alameda County serves as the lead agency for the City to apply to the State for an <br /> allocation of Mortgage Credit Certificates(MCC),which provide a tax credit to subsidize <br /> the mortgage interest rate for qualified first-time homebuyers. <br /> LOCAL <br /> Redevelopment Tax Increment Funds: <br /> The City has three redevelopment areas,one of which is a joint City-County Redevelopment <br /> Area. It is anticipated that a fourth redevelopment area will be adopted in 1999. Twenty <br /> percent of the tax increment revenues collected are set-aside to support various programs for <br /> 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 provides operational funds to nonprofit social service agencies serving San Leandro <br /> residents. <br /> Local Tax Revenues: <br /> Funds may be used for a variety of community development-related areas to provide <br /> facilities and services. <br />