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80 Page 14 II. Affordable Housing Production, Compliance, and Expenditures A. Affordable Housing Production and Compliance Since the adoption of the Implementation Plan in 2004, the Agency has focused on the following affordable housing projects and programs: · Completing Villa Montgomery. the 58-unit affordable rental project at EI Camino and Vera Street. The project is now open and fully leased. · Completing the eight (8) Habitat for Humanity ownership town homes at Lincoln Avenue. The site has been graded and the homes will be ready for occupancy by the fourth quarter of 2008. Subsequent to the adoption of the Implementation Plan, it is has been determined that the Habitat project is located immediately adjacent to but outside of the boundaries of the Project Area. · Completing the acquisition of property for the development of Bradford Street Project. The project will provide for 50 to 76 units targeted to very low-income to moderate income senior households. A childcare facility with approximately 50 slots is also being considered for the site. The property has now been fully assembled and the Agency intends to solicit and select a developer in 2008. Construction will likely commence by FY 2009/10. No other residential projects have been completed in the Project Area since 2004. Additionally, no units have been "significantly rehabilitated" in the Project Area as defined in Health and Safety Code Section 33413. The development of approximately 600 new units (4 to 5 developers/owners) is currently being discussed. Applications have just recently been received for approximately 200 units. B. Update on the Agency's Status Relative to the Production of Affordable Housing As shown on Table 3, fifty-eight new affordable housing units have been completed in the Project Area since December 2004. All of these units are located within the Villa Montgomery project and are comprised of 28 Very Low income units and 30 Moderate-income units. No new market rate units have been built in the Project Area since 2004. With the Villa Montgomery units, the Agency now has 280 deed-restricted Very Low to Moderate-income production units, of which 95 are Very Low-income units. The Agency is required to have a total of 87deed-restricted Very Low to Moderate income units, of which 34 must be restricted to Very Low income households. As shown on Table 3. the number of deed restricted units exceeds the minimum legal requirement, with the number of Very Low income units exceeding the requirement by 61 units and the number of Very Low to Moderate income units exceeding the minimum requirement by 193 units. Keyser Marston Associates, Inc. \\Sf-fs1\wp\18\18610\18610.005\002-002.doc; 1/17/2008 Page 8