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13 The PJs must ensure that HOME-funded housing units remain affordable in the long term (20 years for new construction of rental housing; 5-15 years for construction of homeownership housing and housing rehabilitation, depending on the amount of HOME subsidy). PJs have two years to commit funds (including reserving funds for CHDOs) and five years to spend the funding. The following activities are ineligible for funding through HOME (24 CFR 92.214): x Project reserve accounts or operating subsidies x Tenant-based rental assistance in conjunction with a rental rehabilitation program or for a specific project x Match for other federal programs except for McKinney Act funds x Operations or modernization of public housing x Acquisition of City-owned property x Committing additional HOME funds after a project has been complete for over one year Lower-Income Housing Funds (LIHF) for Housing Since 1978, the City of Pleasanton has charged an in-lieu fee from developers to address the need for affordable housing related to new growth (residential and commercial). The fees have been used to create a Lower-Income Housing Fund (LIHF) with the following established purposes: x Creating new affordable lower-income and moderate-income housing to offset the impacts of new residential and commercial/office/industrial development on the City’s housing stock x Enabling the City to meet the portion of its lower-income and moderate- income housing needs as identified in the General Plan Housing Element, which cannot be adequately met through other measures such as inclusionary programs and market rate projects In July 1994, the Pleasanton City Council adopted policies and guidelines for the use of the LIHF (Resolution No. 94-80). The use of the LIHF is subject to review and approval by the City Council to ensure consistency with the City’s policies. Page 153 of 694 Docusign Envelope ID: 3C732151-0636-4143-B82E-F2170067845E