AgdaPkt 2009-12-14 - Laserfiche WebLink

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7C Summary af Affordable Housing Requiremenfs and Acfivifies Page 3 Hrsforrc and Current Affordable Housing Produc�lon Compliance — Since adoption, a total of 560 housing un�ts have either been buiit or substantially rehabilitated in the Project Area. The Agency has caused the requisi#e long #erm affordability covenants be placed on 279 units �50% of the totat), with 93 uni�s (17% of total) restricted to Very Low income households. ln comparison, fhe CRL requires that 15% of the total be affordable to Low to Moderate income househo�ds and that 40°l0 of the 15% (or 6°Io of the total) be restricted to Very Low Incvme households. Consequently, the Agency has exceeded the CRL's requirements for the praduction of Very Low to Moderate income units by 195 units and exceeded #he Very�ow income requirements by 60 units. Key affordable pro�ects that have been completed over the past five years include the award winning 58-unit Villa Montgomery apar�ment complex and the 8-unit Habitat for Humanity ownership prvject. An�icipafed Affordable Housing Production Compliance fhroc�gh 2014 - The Agency estimates that at ieast an addit�onal 401 new housing units will be built in the Project Area over #he next five years. This amount o#development translates into a need for up to 60 Very Low to Moderate income units including 2� Very Low units. Based on Agency policy and contemplated projects, i# is estimated that a total of 1 f 1 newly constructed units wili be a ffor da b le, wi#h fi 4 res#ric te d t o V e r y L o w-i n c o m e h o u sehoids. As a consequence, it is estimated that the number of deed restricted units will continue to exceed the CRL requirements, wi#h the number of Very Low to Moderate exceeding #he requirement by 296 units and the number o€ Very Low income units exceeding the requirement by 10� units. Despite this status, the City continues to make progress on the provision of market rate and affordable units pursuant to the Regional Housing Needs Allocation (RHNA} which does not indicate any excess in the provision of units at any affordable level. Projects fihat are anticipated to be built o�er the next five years include the following: 60 units o# seniar housing an the Bradford Street site; the 15-unit Cedar Street project for extrernely low income persons with mental hea�th disabilities; and the redevelopment of the Heller Street parcel to accommodate more low income housing. Additional residential development wi#hin the DTPP area is anticipated once the plan is re-adopted and the economy begins to recover. The Agency is also actively negotiating for #he inclusion of deed res�ricted units in residential projects outside of the redevelopment project area. I# is anticipated that affordable units will be provided at the 885 Woodside Way and Canada College developments. Anticipated Housing Funds, Expendl�ures and Projects, �4?0 #hrough 2094 -- The Agency an�icipates annuafly depositing approximately $2.9 miliion of its tax incremen# into its Housing Fund, with a totai estimated deposit of $19 million over the next five years, inclusive af the additiona! deposits required per the agreement with Legal Aid� The Agency intends #o expend approximately $2.6 million per year on �ncreasing an preserving affordable units through acquiring sites, providing financial assistance to specific projects, and providing rehabilitation loans. Nousing Fund 7argeting Requrremenfs - The Agency will be required to expend its Housing Funds to assist: �1) Low and Very Low income households in proportion to the units needed to assist such hauseholds as determined by the regional fa�r share