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. -�5 <br /> units will be built in the Project Area on these sites between 2005 and 2014. While the <br /> total number of affordable units has not been identified, the Agency anticipates that <br /> approximately 15% of these units will have affordability covenants. <br /> ■ In addition, the Agency is also examining the feasibility of building very low-income <br /> efficiency units at a project on Fulton Street. <br /> ■ The Agency will continue its discussions with developers to identify potential <br /> development opportunities for low- and moderate-income housing in mixed-use projects <br /> within the Project Area. <br /> b. Anficipated Ten-YearAffordab/e Housing Production Compliance Status <br /> As shown on Table 8, it is estimated that a total of 600 housing units will have been built or <br /> substantially rehabilitated in the Project Area during the ten-year period from 2005 through <br /> 2014. This amount of development translates into a production requirement of 90 very low- to <br /> moderate-income units, including 36 very low-income units, consistent with the Redevelopment <br /> Law requirement of 15% low- to moderate-income units (including 6% very low-income units) for <br /> non-Agency built projects. <br /> It is estimated that a total of 207 newly constructed units will be restricted to very low- to <br /> moderate-income households, with 101 restricted to very low-income households. <br /> Consequently, the Agency is anticipated to have a surplus of 117 very low- to moderate-income <br /> units (including a surplus of 65 very low-income units) during the coming 10-year period. After <br /> adding the existing surplus of 149 low to moderate and 53 very low-income units, it is estimated <br /> that the Agency will have a surplus of 2661ow- to moderate-income units (including a surplus of <br /> 118 very low-income units) December 31, 2014. <br /> In summary, the number of affordable units with income restriction covenants in the Project <br /> Area will exceed the legal requirements by 2014. <br /> c. Affordab/e Housing Production Compliance over the Life of the Projecf <br /> The 1994 amendment to AB 1290 (Bergeson, SB 732) requires that the Housing Production <br /> Plan address affordable housing compliance over the life of the Redevelopment Plan. The <br /> Redwood City Redevelopment Agency expects to maintain compliance throughout the life of the <br /> Redevelopment Plan. <br /> Keyser Marston /tssoGates, Inc. <br /> 18610.0011030-003; 12/8/20D4; DRAFT <br /> 24 <br />