Laserfiche WebLink
�� <br /> • Proposed locations suitable forreplacement housing units in instances where plan <br /> activities trigger the need for such units. <br /> As a result of the passage of AB 637 and the "clean-up" legislation of SB 701, a number of <br /> significant new affordable housing requirements became effective January 1, 2002, <br /> includin the followin : <br /> Minimum duration of affordability covenants for 45-years for ownership units; 55 years for rental <br /> any units assisted by the Housing Fund units (was 15 years for rental and 10 years for <br /> ownershi � <br /> Minimum duration of affordability covenants for 45-years for ownership units; 55 years for rental <br /> Pro"ect Area Production Units units was life of lan <br /> Housing Fund Targeting Requirements Over 10-year period, must spend Housing Fund <br /> in proportan to the regional fair need for very <br /> low, low, and moderate income units and m at <br /> least the same proportion that the community's <br /> population under age 65 bears to the <br /> commun' 's total o ulation <br /> Significantly Rehabilitated Units All substantially rehabilitated units that are <br /> Agency assisted shall be counted in the <br /> roduction r uirements <br /> This Implementation Plan addresses these requirements as well as those previously <br /> established and specified in Section 33490. <br /> The Plan is on file in the City Clerk's office and provided in the Board's packet as an <br /> attachment to the agenda item. <br /> Summary , <br /> The Implementation Plan demonstrates that the Redwood City Redevelopment Project No. <br /> 2 is in full compliance with all of the regulations of Section 33490 of the CRL. <br /> Summary of Non-Housing Requirements and Activities <br /> The Project Area continues to suffer from blighting conditions, including inadequate <br /> infrastructure, unsafe buildings, and small irregularly shaped lots, and a lack of new <br /> investment. The Agency has actively engaged in projects and programs to remedy <br /> these blighting conditions. During the past 5-year implementation plan period, the <br /> Agency's activities have focused on land assembly, streetscape, and infrastructure <br /> improvements to set the stage for new private investment. The Agency recently <br /> issued $33 million of bonds to finance new developments. Key new projects include <br /> the following: <br /> Redev/Staff Reports/12-2004/Implementation Plan 2 <br /> SM/cje <br />