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AGREEMENT FOR THE REALLOCATION AND ADVANCE OF MCC ALLOCATION BETWEEN THE COUNTY OF ALAMEDA AND THE CITY OF PLEASANTON THIS AGREEMENT is made and entered into this 1st day of March, 2004, by and between the County of Alameda, a body corporate and political subdivision of the State of California (hereinafter referred to as "County") and the City of Pleasanton, a municipal corporation (hereinafter referred to as "City"). WHEREAS, the County has entered in to an Agreement with the State of California Debt Limit Allocation Committee (CDLAC) for an allocation of Single-Family Mortgage Revenue Bond Authority for purpose of administering a Mortgage Credit Certificate Program for qualified households in eligible participating jurisdictions; and WHEREAS, the City receives an annual allocation as an eligible participating jurisdiction in the Alameda County Mortgage Credit Certificate Program; and WHEREAS, the City is working on several new affordable home developments on the Bemal property (Walnut Hills, Canyon Oaks, and Carlton Oaks) that require more that the City's annual MCC allocation; and WHEREAS, there is unused "target area" allocation available that has been released on a first-come, first-served basis in the amount of $723,932; and WHEREAS, the County has unused prior years' allocations of MCC allocation in the amount of $1,005,163; and WHEREAS, the County is desirous to offer first time homebuyer opportunities to qualified applicants in the new affordable home developments on the Bernal property (Walnut Hills, Canyon Oaks, and Carlton Oaks): NOW THEREFORE, FOR AND IN CONSIDERATION OF THE PROMISES HEREINAFTER MADE, COUNTY AND CITY DO MUTUALLY AGREE AS FOLLOWS: City agrees that its 2003 MCC allocation in the amount of $572,454 will be used prior to committing any other MCC funds. County agrees to reallocate $723,932 in unexpended 2002 Mortgage Credit Certificate Target Area allocation (Target Area Reallocation) to the City. City agrees that the reallocation of target area funding will be used prior to committing funding advanced by the County. County agrees to advance $1,005,163 in previously uncommitted Unincorporated County Mortgage Credit Certificate allocation (County Advanced Allocation) to the City.