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affordable senior units on Bradford Street. In addition, the Agency is also <br /> examining the feasibility of building very low-income efficiency units at a project on <br /> Fuller Street. <br /> Anticipated Housing Funds, Expenditures and Projects through 2009- The Agency <br /> anticipates annually depositing approximately $2.5 million of its tax increment into <br /> its Housing Fund, with a total estimated deposit of $12 million over the next five <br /> years. The Agency intends to expend approximately $2.3 million per year on new <br /> affordable projects, including Vera/EI Camino, Bradford Street and Fuller Street. <br /> Housing Fund Targeting Requirements - The Agency will be required to expend its <br /> Housing Funds to assist: (1) Low and Very Low income households in proportion to <br /> the units needed to assist such households as determined by the regional fair share <br /> allocation; and (2) all persons regardless of age in at least the same proportion as <br /> the community's population under age 65 years to the community's total population. <br /> To meet these requirements, the Housing Fund will need to be allocated as follows: <br /> Very Low Income At least 37% of Expenditures <br /> Low Income At least 18% of Expenditures <br /> Moderate Income At least 46% of Expenditures <br /> Non-senior projects At least 90% of Expenditures <br /> Financial Considerations <br /> The Five Year Implementation Plan for 2005-2009 is not an approval of any specific project <br /> and thus does not commit the Agency to any funding requirements. <br /> Notification <br /> Pursuant to Section 33490 (d), notice of the public hearing was published pursuant to <br /> Section 6063 of the Government Code, mailed at least three weeks in advance to all <br /> persons and agencies that have requested notice, and posted in at least four permanent <br /> places within the project area for a period of three weeks. Publication, mailing, and posting <br /> were completed not less than 10 days prior to the date of the hearing. <br /> Alternate Actions <br /> None as State law requires such a plan be approved by December, 2004. <br /> Redev/Staff Reports/12-2004/Implementation Plan 5. <br /> SM/cje <br />