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313 <br /> <br />Replacement Housing Units <br /> <br />It is anticipated that the Town Square Project, located at 600- <br />700 West First Street and 600-700 West Third Street will be <br />utilized for the 10 replacement housing sites. In addition, the <br />City's land survey report identifies potential sites where any <br />remaining replacement units will be located. <br /> <br />Income Level of Replacement Units <br /> <br />Over eighty percent of the replacement dwelling units will be <br />affordable to and occupied exclusively by very-low-income <br />tenants. This exceeds the requirement that seventy-five p~cent <br />of the replacement units must be available at affordable housing <br />¢~st to persons in the same 'income level as the persons' <br />displaced'from the dwelling ~nits.that are being removed from <br />the iow- or moderate-income housing market. <br /> <br />Funding Source <br /> <br />The Agency and the City of Santa Ana have committed sufficient <br />HOME and tax increment funds to finance the acquisition and <br />rehabilitation of the 10 required replacement housing units in <br />the Town Square Condominium Project. Any units not accommodated <br />in Town Square will be developed on infill sites or will be <br />vacant uninhabitable units that are acquired and rehabilitated <br />to meet the replacement housing obligations for the Birch Street <br />Project. <br /> <br />Low/Moderate Income Assurance <br /> <br />Ail agreements related to replacement housing units will contain <br />a covenant guaranteeing 30 years of low or moderate income <br />affordability, as required by the state Health and Safety Code <br />and the federal Housing and Community Development Act. <br /> <br />Article 34 Compliance <br /> <br />The replacement housing to be provided pursuant to this Plan <br />does not require the approval of the voters pursuant to Article <br />34 of the California Constitution, in that all of the <br />replacement housing units fall within exceptions to the <br />definition of "low-rent housing project" in California Health <br />and Safety Code 37001. The 10 units consist of the acquisition <br />and rehabilitation of vacant uninhabitable existing units and <br />will be privately owned housing. <br /> <br />Availability of Plan <br /> <br />In accordance with Community Redevelopment Law, a copy of the <br />Replacement Housing Plan will be available for review and <br />comment by other public agencies and the general public at the <br />City of Santa Aha City Hall, 20 Civic Center Plaza, Santa Ana, <br />California, in the office of the City Clerk located on the <br />eighth floor. <br /> <br />EXHIBIT 1 <br />Page 2 of 2 <br /> <br /> <br />