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Action Plan - FY1998 <br />City of San Leandro <br />Page 2 <br />Mortgage Revenue Bonds <br />A local jurisdiction can apply to the State for authority to issue tax-exempt mortgage <br />revenue bonds for the purpose of funding affordable housing development. The <br />jurisdiction may also apply for an allocation of single-family mortgage revenue <br />bonds to provide low -interest 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 <br />subsidize 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 <br />Redevelopment Area. Twenty percent of the tax increment revenues collected are <br />set -aside to support various programs for the development and preservation of low <br />and moderate income housing. Tax increment revenues are used to support both <br />housing and community development activities. <br />General Funds <br />The City of San Leandro provides general funds to support the Community <br />Assistance Program which provides operational funds to nonprofit agencies serving <br />San Leandro 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 />PRIVATE <br />Community Reinvestment Act (CRA): <br />Local lenders are encouraged to provide favorable lending terms for projects which <br />involve the provision and/or rehabilitation of affordable rental and ownership <br />housing. <br />LEVERAGING AND MATCHING PLAN <br />For all housing and community development activities, San Leandro will support <br />applications by other entities to all public and private sources of financing. In the case of <br />