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4. Potential Preservation Fundin~ Sources <br /> <br /> A variety of Federal, State and local programs exists which provide opportunities for <br /> preserving at-risk units. These include: Community Development Block Grant (CDBG) <br /> funds, Federal HOME program, future State Housing and Community Development <br /> Department funding, Lower-Income Housing Fee (in-lieu affordable housing), Growth <br /> Management Program, density bonus, and tax-exempt financing. <br /> <br /> a. Federal Community Development Block Grant (CDBG) Program Funds <br /> <br /> The City receives approximately $300,000 per year in CDBG funds from HUD. <br /> Historically, these funds have been used to assist non-profit organizations with <br /> capital improvements, rehabilitation projects, and public services. The City's <br /> CDBG budget for the 1995-96 fiscal year allocates approximately $250,000 to <br /> 16 minor projects, including approximately $30,000 for housing rehabilitation <br /> projects at two existing senior complexes and approximately $70,000 for a <br /> general housing rehabilitation program benefitling low-income home owners in <br /> Pleasanton. No funds are available from this source during the next two years <br /> for the development or preservation of additional low-income rental units. <br /> <br /> b. Federal HOME Program <br /> <br /> The City began receiving and annual allocation of Federal HOME funds in the <br /> 1993-94 fiscal year. The City receives approximately $125,000 per year in <br /> HOME funds from HUD through the Alameda County HOME Consortium. The <br /> first two years' allocations will be used to construct four units for rental by <br /> persons with physical disabilities in the new Promenade Apartments which is <br /> under construction on Case Avenue in Pleasanton. Future allocations could be <br /> used for the acquisition of affordable housing with expiring State or local <br /> subsidies. <br /> <br /> c. Future State Housing and Community Development Department Funding <br /> <br /> The State Housing and Community Development Department is currently <br /> developing programs for both rehabilitation and new construction of rental <br /> housing for very-low-income tenants. Approximately $400 million will be made <br /> available in the next one to two years. Until these programs are developed, the <br /> potential availability of possible funding in Pleasanton cannot be determined. <br /> <br /> 19 <br /> <br /> <br />