AgdaPkt 2004-12-13 - Laserfiche WebLink

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( n L �✓ ' � � • Provide incentives to homeowners of lower-income housing units to °move up° ot moderate-income units; and • Continue to provide financing and other subsidies through various funding programs, including redevelopment agency programs, Community Development Block Grant program, and HOME Investment Partnership Act Program to develop housing for all levels of need — low- and moderate-income housing, muiti-family housing, senior housing, emergency shelters, and transitional housing. J. Housing Fund Revenues and Expenditures California Redevelopment Law requires a redevelopment agency to direct at least 20% of all gross tax increment revenues generated in its project area to a separate and Low- and Moderate-Income Housing Fund. These funds must be used for the purpose of increasing, improving or preserving the supply of low- and moderate-income units within the community. To meet these objectives, agencies may expend funds on land acquisition, building acquisition, construction of new units, on and off-site improvements, rehabilitation of existing units, a portion of principal and interest payments on bonds, loans and subsidies to buyers or renters, and other programs that meet the stated objectives. Additionally, Section 33334.4 of the Health and Safety Code states that it shall be the policy of each agency to expend the moneys in its Housing Fund to assist housing for persons of low- and very low-income in at least the same proportion as the total number of housing units needed for those income groups within the community. This section summarizes the Agency's Housing Fund resources now available and expected to be available over the next ten years and how those resources will be utilized to meet the purposes summarized above. Information on the current year income and balances is based on the Redevelopment Agency 2004-2005 Budget. 1. Housing Fund Resources The Agency receives revenue solely from the property tax increment on property within the redevelopment area and from interest on fund balances. Upon receipt, this revenue is divided into two funds. These funds are identified as: Fund 806 – Housing General Fund and Fund 807 – Agency Genera/ Fund. The Redevelopment Law requires that no less than 20% of gross tax increment must be deposited into Fund 806 and used strictly for low- to moderate-income housing activities. In addition, the Agency is subject to an agreement with the Legal Aid Society that has been projected to result in a housing set-aside in excess of the 20% requirement through approximately 2010-11. Keyser Marston Associates, Inc. 18610.0011030-003; 12/6/2004; DRAFT 2�