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6th Cycle Program 2.9: Seek County, State, and Federal <br />assistance for the development of housing to meet the <br />housing needs of households with extremely low, low, and <br />very low incomes as well as those with disabilities (including <br />developmental disabilities). Potential sources may include <br />State/Federal lower-income housing tax credits, grant funding <br />(e.g., Affordable Housing and Sustainable Communities <br />Program, etc.) and bond financing. The timing of application <br />will depend upon the schedule for specific projects proposed <br />by individual developers in as much as the City does not <br />currently own any land for development of housing affordable <br />to low- and very low-income households and those with <br />disabilities. If the City is successful in securing an open <br />source of funding for housing affordable to low- and very low- <br />income households the availability of these funds will be <br />promoted through the City’s website, in local newspapers, <br />social media, and through posting at public places subject to <br />normal procedures. The objective of this program is to secure <br />available funding required to finance gap funding for <br />affordable housing development. A timeline would be <br />developed on a project-by-project basis as affordable <br />development inquiries/applications are submitted to the City. <br />Assist in the development of 100 low- <br />income units over the planning period <br />Seek funding annually and <br />when specific development <br />proposals are brought <br />forward <br />In 2023, City staff assisted Eden Housing to pursue a refinance and renovation of the <br />30-year old, 200-unit Ridgeview Commons, an affordable senior rental housing <br />property, through a tax credit resyndication application. Rigeview was able to <br />successfully secure $40 million in tax exempt bond financing and $32 million in 4% tax <br />credit equity. Eden Housing will be able to substantially renovate the property while <br />maintaining the property's long-term affordability. Renovations are began in May <br />2024. The City continues to seek state and federal and county assistance to the <br />greatest extent feasible and to monitor the availability of new funding sources for <br />affordable housing and will apply for funding as appropriate. Ridge View Commons is <br />currently undergoing significant renovation for the individual units as well as on the <br />entire property as a whole. <br />6th Cycle Program 2.10: Continue to monitor, on an annual <br />basis, forthcoming State legislation and support legislation <br />that seeks to improve and make more accurate and <br />transparent the RHNA process, and that which provides <br />funding, and financial and other incentives to strengthen local <br />jurisdictions’ abilities to meet their fair share responsibilities, <br />while retaining an appropriate degree of local control over <br />land use and planning decisions. <br />Improve and make more accurate and <br />transparent the RHNA process and <br />financial and other incentives to strengthen <br />local jurisdictions’ abilities to meet their fair <br />share responsibilities, while retaining an <br />appropriate degree of local control over <br />land use and planning decisions. <br />Ongoing (annually)The City reviews new legislation on an ongoing basis. <br />6th Cycle Program 2.11: The City will analyze and explore <br />State programs and/or potential public/private partnerships <br />with major employers to acquire existing market rate housing <br />units or develop new housing units to create moderate or <br />workforce housing (available to households with incomes at <br />80 percent to 120 percent of AMI). Potential programs could <br />include concessions or incentives to large existing or future <br />Pleasanton employers when they agree to construct or fund <br />workforce housing beyond payment of in-lieu fees, and/or <br />collaborations between employers and developers to <br />construct workforce housing. <br />Acquire existing market rate housing units <br />or develop new housing units to create <br />moderate or workforce housing (available <br />to households with incomes at 80 percent <br />to 120 percent of AMI). <br />Analyze State programs <br />biannually (2024, 2026, <br />2028, and 2030); Outreach <br />to current and/or future <br />major employers (2025 and <br />2027) <br />Due to staff workload, program analysis has not yet commenced.