Laserfiche WebLink
the median income. This is relatively a new program. The City <br />of Pleasanton is now participating in such a program. Approxi- <br />mately one million dollars in mortgage revenue bonds have been <br />sold which will provide 12.78% financing for first time home <br />buyers. <br /> <br />The issuance of bonds to subsidize home prices is not new. <br />Housing authorities and redevelopment agencies have "floated" <br />bonds in the past in order to provide low interest loans to <br />lower income families. For example, the Housing Authority of <br />Fairfield has acquired 18 million dollars through revenue bonds. <br />This was eventually loaned at 10.65% interest rate to lower <br />income Fairfield residents. Families used the money to purchase <br />new and used single-family homes, including condominiums. Under <br />the law, cities can now do what housing authorities have done <br />in the past with the eligible category of households expanded <br />to include those of moderate income. <br /> <br />Inclusionary Zoning <br /> <br />Some jurisdictions have required developers of all new resi- <br />dential projects (including condominium conversions) to sell a <br />certain percentage of their units at "affordable" prices to mod- - <br />erate income households. This requirement is commonly referred to as <br />"mandatory inclusionary zoning" and has been incorporated in the - <br />general plans of several cities or enacted as zoning ordinances. <br />Households with incomes under 120% of the median income are <br />eligible to purchase the less expensive units <br /> <br />-90- <br /> <br /> <br />