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Lack of Government Funds: The City of Pleasanton has very limited <br />revenues to support programs which can provide affordable housing <br />to lower income households. There is currently $60,000 available <br />through HCD Act funds for "land-banking" and $125,600 from the <br />same source for housing rehabilitation. The City itself has <br />approximately $350,000 in its housing fund. With the high price <br />of land in Pleasanton ($75,000-100,000 an acre), the combination <br />of these funds would provide only enough capital to purchase a <br />few acres of land. Construction of housing units which could be sold <br />or rented at a reduced rate would be highly unlikely. As mentioned <br />previously, federal "land-banking" funds are to used to "tie-up" <br />land until subsidized housing sponsors can be found to develop it <br />principally through use of the federal Section 8 housing program. <br />Section 8 provides a huge subsidy over the life of an assisted <br />project. For all intents and purposes it is presently the only <br />federal program capable of providing meaningful reductions in <br />rent - reductions significant enough that qualifying households <br />would not need to spend more than 25% of their income for housing. <br />Local governments simply do not have the resources to effect such <br />reductions. The City of Pleasanton is doing what it can with <br />the limited funds available. These funds may be able to provide <br />the impetus for housing projects but they are not sufficient to <br />sustain such developments. <br /> <br />-100- <br /> <br /> <br />