AgdaPkt 2004-12-13 - Laserfiche WebLink

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� - 3� During this period, 105 deed-restricted affordable units were built or substantialfy rehabilitated in the Project Area. Of this total, 31 are very low-income units. As in the prior years, no affordable covenants have been purchased and no covenanted units were bought or sold. In addition, no affordable housing units were developed outside the Project Area with Agency assistance. Consequently, the affordable housing production surplus was 59 very low- to moderate-income housing units, of which 12 are very low-income units. The Agency has a substantial cumulative affordable housing production surplus. As shown, the cumulative surplus as of December 31, 2004 is 149 very low- to moderate-income units, with a surplus of 53 very low-income units. 3. Replacement Unit Compliance Status California Redevelopment Law requires that dwelling units housing persons and families of low- or moderate-income removed as a result of redevelopment action must be replaced by an equal number of units that have an equal or greater number of bedrooms as those removed. Prior to January 1, 2002, 75% of the replacement units were required to be affordable to households at the same or lower income levels as the household displaced. Post January 1, 2002, 100% of the replacement units must be affordable to households at the same or lower income levels as those displaced. Demolished units must be replaced within four years of being removed. Table 7 summarizes the Agency's requirement housing activities and compliance status. As shown, four 2- and 3-bedroom units were removed as a result of the Sequoia Station Project in 1992. The units removed were affordable to very low- and moderate-income households and were replaced by the same size and income levels at the Wyndham Place project in 1995. Similarly, 21 very low-income studios were removed for the Rolison Road project in 1997 and replaced with the same number of units on site. In 2002, two very low-income, 2-bedroom units were displaced from Franklin Street and replaced on site at the Irvine at Franklin Street project with two very low-income, 1-bedroom units. The EI Camino/Vera project has displaced a total of four affordable units, which will be replaced at the same size and income level in the new project on site. As shown on Table 7, the Agency has met its replacement obligations during the past and will continue to meet its obligations over the 2005-2009 Plan period. 4. Plan for Achieving Housing Production by 2014 The State Law, as clarified in AB 1290, requires that Agencies meet their affordability production requirements within ten years. The AB 315 Plan and the more stringent AB 1290 implementation plar� require Agencies to delineate what they intend to do each of the next five years and generally over the ten year period to bring the Redevelopment Areas into compliance. Keyser Marston Associates, Inc. 18610.001\030-003; 12/6/2004; DRAFT 22