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356 <br /> <br />6. Housinq <br /> <br /> Impact Summary. Implementatfon of the Redevelopment Plan will result in <br />the intensification and reassembly of existing commercial uses, and the <br />t~..~.ho~introduction of office uses. These changes in lind use will result in the <br /> ntial loss of approximately 348 existing residential units. Many of <br /> e~'homes represent existing non-conforming uses, while providing <br /> housing for low and moderate income households. <br /> <br />Nitiqation Measures. With regard to housing, mitigation measures have <br />been required in, or incorporated into, the project which avoid or <br />substantially lessen the significant environmental effects as identified <br />in the EIR. lhese measures include: <br /> <br />State law requires that 20 percent of the tax increment revenue <br />generated by redevelopment in the project area shall be set aside <br />for low and moderate income housing. These funds are available to <br />benefit low and moderate income housing throughout the City. <br /> <br />For those housing units displaced, State law requires the Agency <br />to pay fair market price for the units, and to pay relocation <br />costs and differential costs of finding an equivalent unit and <br />financing. <br /> <br />c. All low and moderate income units removed will be replaced on a <br /> one-for-one basis, as required by State law. <br /> <br />Within the project area, 15 percent of the housing developed or <br />rehabilitated by public or private entities will be for affordable <br />housing. Not less than 40 percent of this 15 percent will be <br />available to very low income persons or families. <br /> <br />7. Schools <br /> <br />Impact Summary. Increased employment and housing generated by the <br />proposed project may be expected to.add additional school-aged children to <br />an already overcrowded school system. <br /> <br />Mitiqation Measures. With regard to school impacts, mitigation measures <br />have been required in, or incorporated into, the project which avoid or <br />substantially lessen the significant environmental effects as identified <br />in the EIR. These measures include: <br /> <br />The Agency may decide to use tax increment money required by law <br />to benefit low and moderate income housing in an area of the City <br />where the District is experiencing less overcrowding, if such an <br />area exists. <br /> <br />The Agency may choose to improve existing housing or provide <br />senior housing, both of which will not further impact the school <br />system. <br /> <br />6 <br /> <br /> <br />