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Indybay Feature

Yes on Prop A

Date:
Wednesday, August 11, 2004
Time:
12:00 PM - 1:00 PM
Event Type:
Fundraiser
Organizer/Author:
Location Details:
Prop A Bond
Mercy Housing
1360 Mission St./9th Street.

WORKING ON S O L U T I O N S U N I T E D

Supportive & Affordabble Housing Bond

Y e s o n P r o p o s i t i o n A

Supportive, affordable, rental and homeownership

This is a $200 million affordable housing bond that will be presented to voters on the November ballot, that will create affordable housing opportunities at all income levels.

The proposal tragets three specific types of programs with the homeownership component containing two subprograms:

Y e s o n P r o p o s i t i o n A

$90 million Supportive Housing

Targeted population:
Extremely low income individuals and families who are homeless or at risk of homelessness.

Targeted Household income:
0-30% of area median income (AMI)

Type of Assistance:
Loan or Grants to housing developers

Y e s o n P r o p o s i t i o n A

$60 million Affordable Rental Housing

Targeted population:
Low and very low income households

Targeted Household income:
0-60% of (AMI)

Type of Assistance:
Loan or Grants to housing developers

Y e s o n P r o p o s i t i o n A

H o m e o w n e r s h i p

$25 million Housing Purchasing Assistance

Targeted population:
Low income and moderate income first time homebuyers

Targeted Household income:
60-100% of area median income (AMI)

Type of Assistance:
Deferred repayment loans to first time homebuyer households

Y e s o n P r o p o s i t i o n A

$25 New Housing Developements

Targeted population:
Low income and moderate income first time homebuyers

Targeted Household income:
60-90% of area median income (AMI)

Type of Assistance:
Loans to housing developers


The loan will be committed to qualified developers over a five-years period. Home purchase assistance funds will be available on a first-come first served basis to qualifying housholds, and will probably be disbursed in less tha five years. The Mayor's Office of Housing expects that about 3,359 affordable housing units will result from the program.

Because loans made under the programs will usually be deferred repayment loans with terms of up to 50 years, the loand must be repaid by the tax levy authorized for general obligation bonds. When repayments are eventually received, they will be programmed to make anew lons, enabling the program to assist multiple borrowers indefinitely into the future.

V o t e Y e s o n P r o p A

Love it, enable it, support it, endorse it, help it, donate money to it, donate your time to it, enjoy it and talk about it to family, friends, neighborgs and strengers as a conversation piece

Have any questions? whant to help? want to donate? or just come and visit?
Call us: V o t e Y e s o n P r o p A
We have many people ready to answer your call

Give us a call to:
4 1 5 - 8 6 3 - 6 5 6 6
Send mail to:
Prop A Bond
409 Clayton SF 94117
E-mail us to:
write to us at SFIC98@pacbell.net

Ana B.

Added to the calendar on Wed, Aug 11, 2004 2:58AM
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