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51� <br />The Housing Endowment should consider the use of incentives to encourage the <br />leveraging of funds available to the endowment. <br />Program: <br />Funds from the Endowment should be flexibly used to create a housing trust funding a <br />full range of housing options. Funds can be used either as loans or grants. Funds <br />should not be used for housing assistance programs for individuals (such as first -time <br />homebuyers' assistance or rental assistance). <br />Funds should be targeted to produce affordable housing at a broad spectrum of income <br />levels. At least 60% of the funds should be targeted to make affordable housing <br />available to households in the following income ranges: <br />• 30% or less of area median income <br />• 31% to 60% of area median income <br />Affordable housing should also be developed to serve those with special needs <br />Funds from the Endowment should be used to provide incentives to cities to facilitate the <br />construction of housing. An incentive program should be targeted to projects that <br />provide enhancements including but not limited to transit orientation, childcare, and <br />density. <br />Funds should be used for bricks and mortar activities including land acquisition and new <br />construction. Funds could also be used to assist in projects which re -use existing land <br />or property and /or provide rehabilitation of housing stock. <br />The Endowment should continually examine needs in order to best target expenditures <br />for speck activities. <br />Conclusion /Next Steps: <br />It is the intention of the Development Group for the Housing Endowment that this report <br />provide general direction to the initial governing body of the Housing Endowment, while <br />providing that body with the flexibility to implement the Housing Endowment in a manner <br />which best meets current and emerging needs. <br />This final report will be presented to the Board of Supervisors and will be made available <br />to the various Cities, the Cities /County Association of Governments, and interested <br />citizens and constituent groups. A delegation of city representatives working with the <br />County will see that a Joint Powers Agreement is completed and presented to the Cities <br />and the Board of Supervisors for approval. <br />This report was reviewed and accepted on November 14, 2002. <br />A <br />