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Housing Needs Assessment <br /> <br />Draft Housing Element 2-39 <br />▪ Low Risk: affordable housing units that are at-risk of converting to market rate in 10+ years <br />and/or are owned by a large/stable non-profit, mission-driven developer. <br />▪ Moderate Risk: affordable housing units that are at-risk of converting to market rate in the next <br />5-10 years that do not have a known overlapping subsidy that would extend affordability and <br />are not owned by a large/stable non-profit, mission-driven developer. <br />▪ High Risk: affordable housing units that are at-risk of converting to market rate in the next 1-5 <br />years that do not have a known overlapping subsidy that would extend affordability and are not <br />owned by a large/stable non-profit, mission-driven developer. <br />2.20.1 Funding Sources for Assisted Housing <br />Table 2.36 identifies the funding source for the 872 assisted housing units in the city. The following <br />local, State, and Federal programs provide financing for assisted housing units: <br />HUD Section 8 Program <br />Under the HUD Section 8 program, which is administered by HACA, participating building owners <br />are entitled to receive HUD Fair Market Rents (FMRs) for units with Section 8 contracts. For Section <br />8 units, HUD makes up the difference between 30 percent of a household’s monthly income and the <br />FMRs. Additionally, if HACA chooses to do so, they may convert unused Section 8 vouchers into <br />PBS8 vouchers. HACA periodically releases a Notice of Funding Availability (NOFA) that historically <br />has awarded PBS8 vouchers to 100 percent deed restricted affordable housing by non-profit <br />residential developers. <br />Low Income Housing Tax Credit (LIHTC) <br />Created in 1986 by the federal government, the LIHTC program offers tax incentives to encourage <br />the development of affordable housing. The LIHTC is jointly administered by the IRS and State <br />Housing Credit Agencies (HCA) and have funded over eight billion annually tax credit units <br />nationwide. California’s HCA is the State Tax Credit Allocation Committee (TCAC). In San Leandro, <br />the LIHTC program has funded a significant share of affordable units for seniors and very low-, low-, <br />and moderate-income households. <br />California Housing Finance Agency (CalHFA) <br />CalHFA uses approved private lenders and purchases loans that meet CalHFA standards to support <br />very low, low, and moderate income assisted units. CalHFA partners with jurisdictions, developers, <br />and other organizations to provide a variety of resources including loan assistance programs for <br />homebuyers and renters aimed at increasing housing opportunities for low- and moderate-income <br />residents. <br />Alameda County Measure A-1 Housing Bond <br />The Alameda County Measure A-1 Housing Bond (A-1) approved by voters in 2016 to protect <br />affordable housing options and increase access to housing for persons with disabilities, low-income <br />families and others in need throughout the County. The A-1 Housing Bond funds are allocated to <br />participating jurisdictions to create homeowner and rental housing programs aimed at preserving <br />and expanding the supply affordable rental housing throughout Alameda County. In San Leandro, <br />140 units were constructed with A-1 funds in addition to leveraging funding to construct 76 units in <br />those same housing developments but with other subsidies.