AgdaPkt 2004-12-13 - Laserfiche WebLink

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tV ' •V � c0'V When the Project Area and its amendment portions were adopted, the following number of new affordable residential units were projected: Originai Project Area 400 to 500 Units First Amendment Area 0 Units Second Amendment Area 124 Units Total Redevelopment Project Area 524 to 624 Units With the current level of affordable units built or substantially rehabilitated with Agency assistance at 219 units (114 + 105, from Table 6) and roughly another 207 units in advance planning or planned to be added over the next ten years (from Table 8), a total of 426 units will have been built or substantially rehabilitated over 2014. In addition, the Agency intends to continue to develop affordable units in compliance with the law as it continues to build or rehabilitate residential projects with the Project Area. The draft Downtown Area Plan has called for the development of an estimated 3,000 new units in the downtown over the next 20 years (or to 2023/24). The Agency's policy, as consistent with the 2004 Housing Element and Redevelopment Law, requires that 15% of all units developed in the Project Area be affordable to low- and moderate-income households. The implementation of the draft Downtown Area Plan will potentially produce a total of 450 affordable units (15% of 3,000), of which 207 units have already been included in the count for 2005 to 2014, and 243 units remain to be produced. Thus, the total of 669 (426 + 243) new affordable units anticipated to be produced in the Project Area over the remainder of the life of the Plan, or 2028, will exceed the original projections above. I. Consistency with Housing Element AB 1290 and 315 require that the production plan be consistent with the City's Housing Element. The Housing Element addresses the housing issues of the entire City of Redwood City of which the Redevelopment Project Area is a small part. The City's 2004 Housing Element includes a statement that the Redevelopment Agency has exceeded its very low- and low-income housing goal of providing 15% of new units developed within the Agency's Project Area for this income target group. Meeting this goal was fuffillment of a strategy espoused in the 1993 Housing Element to "actively promote the construction of new residential projects within the redevelopment area a minimum of 15% of the units to be affordable to low- and very low-income residents." This strategy is entirely consistent with the project list contained in this Plan. The 2004 Housing Element also states that the Agency has and will continue to assist developers with infrastructure improvement financing and land acquisition in order to help defray the cost of new housing within the Redevelopment Area (i.e., Wyndham Place, City Center Plan and Franklin Projects) and for Agency-assisted projects (i.e., Rolison Road Project). Keyser Marston Associates, Inc. 18610.001\030-003; 12/6/2004; DRAFT 25