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Rental Housing Program <br />Rental Housing Development Program <br />19 <br />Estimated Funding Amount: $425 Million <br />Goal: Create and preserve affordable rental housing for vulnerable populations, including low-income workforce housing <br /> <br />Program Parameters: <br />Income levels: <br />Most = 30-60% of Area Median Income (AMI) <br />At least 20% of units to 20% AMI or below (Homeless, SSI level), will require operating subsidies <br />Allow a portion of units for up to 80% AMI in mixed income developments <br />Leverage tax credits, other state, federal and local funds <br />Require City financial contribution <br />Long-term affordability (55 year minimum) <br />