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181 The conversion of a significant number of formerly subsidized low- income rental units to market rate housing will have an impact on tenants as follows: Limited income households will be subjected to tremendous rent increases or displaced as the buildings are converted to market rate or sold to investors. Alternative housing at affordable rents is not readily available for those who are displaced. A number of the residents of units in questions are elderly for whom a move or eviction may be especially difficult· Due to the high cost of new construction, it could be prohibitively expensive to replace this source of low- income housing once it converts to market rate rentals or condominiums. INVENTORY OF UNITS AT RISK State law requires that the housing element identify at risk affordable housing for the planning periods of July 1, 1989 through June 30, 1994, and July 1, 1994 through June 30, 1999. A listing of the City's assisted housing projects for these planning periods is detailed in Table 1, beginning on page 7. The format of inventory includes data for project ownership, financing, unit configuration, level of affordability, tenant type, earliest date of subsidy termination and term of affordability. The intent of the housing element amendment is to focus preservation efforts on the initial five year planning period. The overall inventory of affordable units identifies nineteen projects with a total of 808 residential units which have iow income use restrictions which can be terminated within the 10 year analysis period from July l, 1989 through June 30, 1999. The projects included in this inventory represent a variety of financing mechanisms which have been utilized to create the affordable units. Forty percent of the overall inventory, or 324 units, received federal assistance under a program whioh will require that they be subject to the Federal Low Income Housing Preservation & Resident Homeownership Act. An additional twenty five percent, or 198 units, are not eligible to prepay the mortgage but are eligible to opt out of the Section 8 program. The 10 year inventory also includes four projects with a total of 224 units that are owned and ioperated by a nonprofit housing development corporation whose major purpose is the development and maintenance of low income rental housing units.