Reso 1997-046 to 050 - Laserfiche WebLink

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Action Plan - FY1997 (Header for even numbered pages: Times 8 point, bold, flush left) City of Page 2 STATE Low Income Housing Tax Credits (Federal and State): Developers can apply to the State for an allocation of tax credits to finance low income rental housing developments. The tax credits are syndicated to corporations in exchange for project equity. California Housing Finance Agency (CHFA): CHFA provides a variety of tax-exempt bond financing for the creation and preservation of affordable housing. Mortgage Revenue Bonds A local jurisdiction can apply to the State for authority to issue tax-exempt mortgage revenue bonds for the purpose of funding affordable housing development. The jurisdiction may also apply for an allocation of single-family mortgage revenue bonds to provide low -interest mortgages to qualified first-time homebuyers. Mortgage Credit Certificates Alameda County serves as the lead agency for the City to apply to the State for an allocation of Mortgage Credit Certificates (MCC), which provide a tax credit to subsidize the mortgage interest rate for qualified first-time homebuyers. LOCAL Redevelopment Tax Increment Funds: The City has three redevelopment areas; one of which is a joint City -County Redevelopment Area. Twenty percent of the tax increment revenues collected are set -aside to support various programs for the development and preservation of low and moderate income housing. Tax increment revenues are used to support both housing and community development activities. General Funds The City of San Leandro provides general funds to support the Community Assistance Program which provides operational funds to nonprofit agencies serving San Leandro residents. Local Tax Revenues Funds may be used for a variety of community development -related areas to provide facilities and services. A