AgdaPkt 2004-12-13 - Laserfiche WebLink

Browse Search

. �-3� restrictions recorded against the real properry in which the units are located. These covenants and restrictions must remain in effect for the "longest feasible time," but in any event not less than specified minimum time periods. AB 637 imposes new minimum duration periods of 55 years for rental units and 45 years for owner-occupied units. These minimum periods are required affordable covenants recorded after January 1, 2002. For units constructed prior to January 1, 2002, the minimum period for affordability covenants is the remaining life of the redevelopment plan. b. Housing Counted Toward Meeting the Housing Production Requirement Per Redevelopment Housing Law, units to be counted towards meeting the Agency's housing production requirement include the following: 1. New construction and substantially rehabilitated units, with affordability covenants; existing multi-family units on which covenants have been purchased with Agency assistance so that the units will remain affordable for the period. At least 50% or more of these purchased covenants must be for very low requisite income households' Units acquired through covenant purchase cannot constitute more than 50% of the units included to meet the housing production requirement; 2. Covenanted units caused to be produced by the Agency located outside the Project Area but within the City of Redwood City. One unit for every two produced outside of the Project Area may count towards the Agency's housing production requirement. Units produced to replace affordable units that have been removed as a result of redevelopment action cannot be included in the Agency's count of new compliant units. Neither are deed-restricted ownership units which have been sold and the affordability covenants lifted prior to the expiration of the requisite affordability period included in the Agency's compliant unit count, unless the housing funds are recaptured and used to assist another unit at the same income level with three years of sale and appropriate afFordability covenants are placed on the new unit. c. Summary of Housing Activity — 1982 to 1999 and 2000 to 2004 Table 6 summarizes the housing production activity within the Redevelopment Area since its adoption to the end of the prior implementation period. Of the units produced in the Project Area, only the Douglas St. duplex with low-income affordable covenants) is currently owned by the Agency. After an unsuccessful marketing effort, the Agency now intends to sell the units at market rate and reimburse its Housing Fund with the proceeds from the sale to assist future affordable housing opportunities. Given that these two units were never counted in the total for meeting the housing production requirement, their removal from affordable status to market rate Keyser Marston Associates, Inc. 18610.001\030-003; 12/6/2004; DRAFT 2�