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LV � i/ I \ - ' .. <br /> a. Proportionality by Income Leve/s <br /> The income proportionality test requires that the Agency target set-aside expenditures to the <br /> relative percentage of unmet need for very low-, low-, and moderate-income units, as defined in <br /> the City's most recently approved Housing Element. According to the Housing Element, the � <br /> City's share of the regional housing need is as follows: <br /> ■ 534 very low-income units; <br /> ■ 256 low-income units; � <br /> ■ 660 moderate-income units; and <br /> ■ 1,094 above moderate-income units. <br /> Consistent with this distribution of needed units, the Agency's minimum required allocation for <br /> very low- and low-income expenditures, and maximum moderate-income housing expenditures <br /> are as follows: • <br /> Very Low Income At least 37% <br /> Low Income At least 18% <br /> Moderate Income No more than 46% <br /> The Agency is entitled to expend a disproportionate amount of funds for very low-income <br /> households, and to subtract a commensurate amount from the low- and/or moderate-income <br /> thresholds. Similarly, the Agency can provide a disproportionate amount of funding for low- <br /> income housing by reducing the amount of funds allocated to moderate-income households. In <br /> no event can the expenditures targeted to moderate-income households exceed the established <br /> threshold amount. <br /> In order to meet the income targeting standards, the Agency proposes that this Implementation <br /> Plan allocated at 37% of the Housing Fund project and program expenditures to very low- <br /> income households, 18% of the fund to low-income households, and no more than 46% of the <br /> funds to moderate-income households. These percentages translate to a total target <br /> appropriation of approximately $38.6 million between 2002 and 2014, allocated by need as <br /> follows and shown on Table 9. As shown, the Agency intends to expend a greater portion of its <br /> Housing Fund on very low- and low-income households than the percentages established by <br /> the regional fair allocation. <br /> Keyser Marston Associates, �nc. <br /> 18610.0011030-003; 12/6/2004; DRAFT <br /> 29 <br />