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e. Growth Manaeement Program <br /> <br /> The Growth Management Program is structured to provide incentives for the <br /> private development of affordable housing. The Program reserves 100 housing <br /> units per year for owner-occupied and rental projects which provide at least <br /> 25 percent lower-income units. In addition, the Program grants priority within <br /> each year' s allocation to those projects fulfilling the lower- and moderate-income <br /> housing objectives established in the Housing Element. This Program has proven <br /> to be very successful as evidenced by the many projects containing affordable <br /> housing that have been constructed in accordance with the Program. <br /> <br /> The actual construction of affordable housing by developers receiving allotment <br /> bonuses is guaranteed through contractual agreements between the City and the <br /> developers. Program 7.3 of the Housing Element extends the duration of <br /> low-income set-aside units within apartment projects such as those proposed <br /> through the Growth Management Program to a minimum of 30 years. <br /> <br />f. Density Bonus <br /> <br /> The City provides a 25 percent density bonus to developers for (among other <br /> things) choosing to set aside a portion of their housing units for low-or <br /> moderate-income households. This provision is consistent with the requirements <br /> of State law and further strengthens the Growth Management Program incentives. <br /> <br />g. Tax-Exempt Financing <br /> <br /> The City has the authority to issue tax-exempt bonds or notes for the <br /> development and rehabilitation of single-family owner-occupied and multi-family <br /> rental housing. The City recently cooperated with the California Housing <br /> Finance Agency (CHFA) to receive partial funding for the Ridge View Commons <br /> Project through bond financing. Tax-exempt financing enables the owner to <br /> borrow funds at rates which are below conventional rates. <br /> <br /> The Pleasanton Housing Authority was established for the primary purpose of overseeing <br /> ownership and maintenance of the Kottinger Place senior housing development. This <br /> project contains 50 units for low-income seniors. The Authority does not receive <br /> funding and is not involved in the actual development of housing. Therefore, it is not <br /> considered to be a potential source of funding for new or replacement housing. <br /> <br /> 21 <br /> <br /> <br />