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<br />8D <br />Page 16 <br /> <br />As shown on Table 4, The Agency anticipates that approximately 534 new residential units will <br />be built in the Project Area through 2014 (the end of the 10-year production cycle). The <br />production of affordable housing will keep pace with the construction of market rate housing <br />through the following efforts: <br /> <br />· The approximate 76 affordable Bradford Street units will be completed by the 2014 <br />planning horizon;. <br /> <br />· Approximately 15 extremely low income units are in the planning and entitlement phase <br />of development at the Cedar Street project; and <br /> <br />· The Agency intends to continue a policy to encourage the production of affordable <br />housing units within each market rate project and to assist in the development of new <br />affordable projects. <br /> <br />Through these efforts, the Agency anticipates that by 2015 there will be approximately 433 deed <br />restricted Very Low to Moderate units, with 168 units restricted to Very Low income households. <br />By 2015 it is projected that the cumulative number of Very Low to Moderate income units will <br />exceed the minimum legal requirements by 266 units and the number of Very Low income units <br />will exceed the minimum requirement by 102 units. Therefore, the Agency is anticipated to <br />remain in full compliance with the affordable housing production requirements throughout the <br />1 O-year production period. <br /> <br />C. Housing Fund Revenues and Expenditures <br /> <br />California Redevelopment Law requires a redevelopment agency to direct at least 20% of all <br />gross tax increment revenues generated in its project area to a separate Low- and Moderate- <br />Income Housing Fund. These funds must be used for the purpose of increasing, improving or <br />preserving the supply of low- and moderate-income units within the community. To meet these <br />objectives, agencies may expend funds on land acquisition, building acquisition, construction of <br />new units, on and off-site improvements. rehabilitation of existing units, a portion of principal <br />and interest payments on bonds, loans and subsidies to buyers or renters, and other programs <br />that meet the stated objectives. Additionally, Section 33334.4 of the Health and Safety Code <br />states that it shall be the policy of each agency to expend the moneys in its Housing Fund to <br />assist housing for persons of low- and very low-income in at least the same proportion as the <br />total number of housing units needed for those income groups within the community. <br /> <br />This section summarizes the Agency's Housing Fund expenditures over the past three years <br />and its anticipated revenues and expenditures for the remaining two years of the Five-year Plan <br />period. <br /> <br />Keyser Marston Associates. Inc. <br />\\Sf-fs1 \wp\18\1861 O\18610.005\002-002.doc; 1/17/2008 <br /> <br />Page 10 <br />