Laserfiche WebLink
• � <br /> ■ Undertake additional directional signage and linkages to the Downtown; <br /> ■ Support future public/private partnerships, including the development of <br /> market-rate housing in the Downtown. <br /> Summary of Affordable Housing Requiremer�ts and Activities <br /> Historic and Current Affordable Housing Producfion Compliance — The Project Area <br /> currently has a surplus of 149 deed-restricted Low to Moderate Income units, <br /> including a surplus of 53 Very Low Income units. Since adoption, a total of 518 <br /> housing units have either been built or substantially rehabilitated in the Project <br /> Area. The Agency has caused the requisite long term affordability covenants be <br /> placed on 219 of these units (42% of the total), with 78 units (15% of total) <br /> restricted to Very Low income households. In comparison, the CRL requires that <br /> 15% of the total be affordable to Low to Moderate income households and that 40% <br /> of the 15% (or 6% of the total) be restricted to Very Low Income households. <br /> Consequently, the Agency has exceeded the CRL's requirements for the production <br /> of both Moderate and Very Low income units. <br /> Key affordable projects that have been completed include: City Center Plaza, <br /> Wyndham Place and Rolison Road. Large rehabilitation efforts include the 72-unit <br /> Hallmark and 27-unit Redwood Court apartment complexes. <br /> Anticipated Affordable Housing Production Compliance through 2014 - The Agency <br /> estimates that approximately 600 new housing units will be completed in the Project <br /> Area through 2014. This amount of development translates into a need for 90 Very <br /> Low to Moderate income units including 36 Very Low units. Based on Agency <br /> policy and contemplated projects, it is estimated that a total of 207 newly <br /> constructed units will be affordable, with 101 restricted to Very Low-income <br /> households. As a consequence, by December 2014 it is estimated that the Agency <br /> will have a surplus of 266 Low to Moderate Income units, including a surplus of 118 <br /> Very Low Income units. <br /> Projects that are currently contemplated include 58 a�fordable rental units and 8 <br /> affordable ownership units to be built at Vera and EI Camino and 50 to 76 units of <br /> Redev/Staff Reports/12-2004/Implementation Plan 4 <br /> SM/c�e <br />