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ADMINISTRATIVE REVIEW DRAFT <br />Policies and Actions Implementation Strategies <br />Action 55.02-B: Mortgage Credit Certificate Program <br />Continue to support the Mortgage Credit Certificate (MCC) Program administered by <br />the Alameda County Housing and Community Development Department. (Recipients of <br />MCCs may take 20 percent of their annual mortgage interest payment as a dollar for <br />dollar tax credit against their federal income taxes. The homebuyer adjusts federal <br />income tax witholdings, thereby increasing income available to pay the mortgage.) <br />Policy 55.03 FIRST TIME BUYER EDUCATION <br />Inform prospective low and moderate income homebuyers of • Public Education and <br />the financial assistance programs available through private Outreach <br />lenders, the City, and Alameda County. <br />Action 55.03 A: First Time Homebuyer Seminars <br />Continue periodic City -sponsored workshops for first-time homebuyers, incoordination <br />with participating lenders and realtors. <br />Action 55.03-B: Home Buyer Information Fair <br />Explore the feasibility of reestablishing the Home Buyer Information Fair (formerly <br />known as the San Leandro Festival of Homes) as a joint effort with the County or <br />adjacent cities. <br />Action 55.03-C. Post -Buyers Seminar <br />Initiate an annual seminar to advise persons who have recently purchased a San Leandro <br />home (a "post-buyers"seminar). <br />Policy 55.04 RENT -TO -BUY <br />Encourage property managers and absentee owners of San • Intergovernmental <br />Leandro single family homes to offer "rent with the option to Coordination <br />buy" programs for young families. • Lease -Purchase <br />Programs <br />Action 55.04 A: Lease Purchase Home Ownership Program <br />Begin participating in the East Bay -Delta Lease -Purchase Home Ownership Program, a <br />non-profit housing program that assists individuals who have the income needed to make <br />monthly mortgage payments but lack funds for a downpayment and closing costs. (In this <br />program, East Bay -Delta Housing purchases the homes and then leases them to the <br />applicant for a 38-month period. The new owner builds equity during this period and <br />take ownership at the end with a no -cash downpayment and reduced closing costs. <br />Hayward, Oakland, Fremont, Newark, Livermore, and Pleasanton already participate in <br />this program, but San Leandro does not) <br />HOUSING ELEMENT 6-13 SAN LEANDRO GENERAL PLAN <br />AqqE7 <br />