AgdaPkt 2004-12-13 - Laserfiche WebLink

Browse Search

-32 status will have no net impact either on the current housing production requirement or compliance. All remaining units produced within the Project Area during this period were not built by the Redwood City Redevelopment Agency. Consequently, only "Non-Agency-built" production requirements are applicable to the Agency. The applicable inclusionary housing requirement for "Non-Agency-builY' production is a minimum of 15% of all built and significantly rehabilitated units must be restricted as low- to moderate-income units, of which at least 6% must be restricted as very-low income units. ■ Period of 1982-1999 (Plan Adoption to First Implementation Plan) As shown in Table 6, a total of 209 units have been built or substantially rehabilitated in the Project Area from the adoption of the Redevelopment Plan (1982) to the end of the first implementation period (1999). Under the affordable housing production requirements, 31 affordable units were required, of which 13 units must be affordable of very-low income households. Of the total 209 new units produced in the Project Area between 1982 and 1999, 114 units have requisite affordability covenants for very low- to moderate-income households. Of the 114 units with covenants, 47 units are restricted to very low-income households. None of the significantly rehabilitated units have covenants. In summary, from 1982 to 1999, 114 very low- to moderate-income units were built in the Project Area, which exceeds the required 31 units and results in a surplus of 83, very low- to moderate-income units, of which 34 are very low-income units, as shown on Table 6. Additionally, 36 deed-restricted units were produced outside of the Project Area during that period. As twenty-one (21) of the units are replacement units, only 15 units are counted toward the afFordable housing production. Further, due to the "2-to-1" fimitation, 7 of these units are counted towards the housing production requirement. As a result, the net production surplus in the period of 1982 to 1999 was a total of 90 very low- to moderate-income units, with 41 for very low-income households. ■ Period of January 1, 2000 through December 31, 2004 Table 6 also shows the housing activity and compliance for the prior implementation period (2000 to 2004). As shown, a total of 309 units were either constructed or substantially rehabilitated in the Project Area over the last five years. Consequently, the production requirement for very low- to moderate-income units was 46 units (15% of total), of which 19 units (6% of total) must be affordable to very low-income households. Keyser Marston Associates, Inc. 18610.001 \030-003; 12/6/2004; DRAFT 21