AgdaPkt 2008-02-11 Clsd and Reg - Laserfiche WebLink

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80 Page 20 3. Housing Fund Programs, Projects, and Expenditures Over the remaining two years, the Agency intends to focus its Housing Fund expenditures on selecting a developer for and starting construction on t' 'E' 8radfo'c1 Street Project. The Bradford Street project will provide for 50 to 76 units targeted to ' '. ry low-income to moderate income senior households. The project is anticipated to be COIT'q,.ted by 2010/11. A childcare facility with approximately 50 slots is also being considered for ': site. Additionally, the Agency will continue to accumulate funds in a "GeneraI/Landbanking~count to be used to assemble sites for future affordable housing developments and provide "g.;" financing as warranted. Finally, affordable housing policies will be considered to help insure 'hat all obligations are and can be met as residential development in the downtown intensifies iirsuant to the goals and strategies of the Downtown Precise Plan. The Agency anticipates spending approximately $5.8 million of Housing Fund resources over the next two years on land banking, Bradford Street and other projects and programs. However, the Agency will only undertake those projects that are feasible given the resources at the time and there is no commitment to undertake projects beyond the resources of the Agency. 4. Expenditures Relative to the Community's Need Under California Health and Safety Code Section 33334.4, the Agency must target its Housing Fund expenditures to assist: (1) low- and very low-income households in proportion to the units needed to assist such households as determined by the regional fair share allocation; and (2) all persons regardless of age in at least the same proportion as the community's Very Low income population under age 65 years to the community's total Very Low income population, according to the most recent census. These "Housing Fund Targeting Requirements" must be satisfied for ten-year periods throughout the life of the Plan, with the initial period extending 13 years, from January 2002 through December 2014. a. Proportionality by Income Levels The income proportionality test requires that the Agency target set-aside expenditures to the relative percentage of unmet need for very low-, low-, and moderate-income units, as defined in the City's most recently approved Housing Element. The city's final Regional Housing Need Allocation (RHNA) for the 2007-2014 General Plan Housing Element was recently adopted. The City's share of the regional housing need is as follows: . 418 very low-income units; . 300 low-income units; . 354 moderate-income units; and . 760 above moderate-income units. Keyser Marston Associates, Inc. \\Sf-fs1\wp\18\1861 O\18610.005\002-002.doc: 1/1712008 Page 14