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<br />, <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 88-12 <br />PAGE TWO <br /> <br />(a) The City of Santa Ana is making a substantial <br />effort to meet its existing and projected housing needs, <br />including its share of regional housing needs, with respect <br />to persons and families of low and moderate income, particularly <br />very low income households, as identified in the housing element <br />of the City of Santa Ana's general plan, and this effort, con- <br />sisting of direct financial contributions of local funds used <br />to increase and improve the supply of housing affordable to <br />persons of low or moderate income and very low income house- <br />holds, is equivalent in impact to the funds otherwise required <br />to be set aside from the "Central City" project area by section <br />33334.2 of the Community Redevelopment Law. <br /> <br />(b) The abovesaid effort consists of the allocation <br />to the "Low and Moderate Income Housing Fund" of the Agency of <br />more than the legally required proportion (20%) of the tax <br />increment revenues from three redevelopment project areas, to <br />wit: the "Santa Ana Inter-City Commuter Station" project area, <br />the .Santa Ana North Harbor Boulevard. project area, and the <br />.Santa Ana South Harbor Boulevard" project area (hereinafter <br />referred to collectively as the .other project areas"). In fis- <br />cal year 1988-89: <br /> <br />(1) Tax increment revenues from the .Central <br />City" project area are projected to be $5,981,000.00. <br />Twenty percent of said tax increment revenue total is <br />$1,196,200.00. <br /> <br />(2) Total tax increment revenues from the other <br />project areas are projected to be $6,095,120.00. The pro- <br />portion of said tax increment revenues which is legally <br />required to be allocated to the "Low and Moderate Income <br />Housing Fund" (20%) is $1,219,024.00. The amount of said <br />revenues which will actually be allocated to the "Low and <br />Moderate Income Housing Fund" is projected to be $2,902,536.00, <br />and excess of $1,683,512.00 over the legally required pro- <br />portion (the "excess allocation"). <br /> <br />(3) The excess allocation of tax increment <br />revenues from the other project areas will be greater than <br />20 percent of the tax increment revenues of the "Central <br />City" project area. Therefore, the effort to meet the low <br />and moderate income housing needs of the City of Santa Ana <br />from revenue sources other than tax increment revenue from <br />the .Central City. project area is more than equivalent in <br />