For the Santa Clara program, $25 million was raised through a bond, specifically to fund the Empowerment Homeowners Program over a defined period.  The funding would have a time-horizon based upon the number of participants in the program, and may need to be re-funded over time.  Administration and underwriting are labor-intensive because these activities typically require intense engagement with less knowledgeable first-time home buyers who may also face cultural or language barriers.