1992-07 CRA - Laserfiche WebLink

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. . 8 --y , (a) The city of Santa Ana is making a substantial effort to meet its existing and projected housing needs, including its share of regional housing needs, with respect to persons and families of low and moderate income, particularly very low income households, as identified in the housing element of the City of Santa Ana's general plan, and this effort, consisting of direct financial contributions of local funds used to increase and improve the supply of housing affordable to persons of low or moderate income and very low income households, is equivalent in impact to the funds otherwise required to be set aside from the "Central city" project area by section 33334.2 of the Community Redevelop- ment Law. (b) The abovesaid effort consists of the allocation to the "Low and Moderate Income Housing Fund" of the Agency of more than the legally required proportion (20%) of the tax increment revenues from three redevelopment project areas, to wit: the "Santa Ana Inter-city Commuter station" project area, the "Santa Ana North Harbor Boulevard" project area, and the "Santa Ana South Harbor Boulevard" project area (hereinafter referred to collective- ly as the "other project areas"). In fiscal year 1992-93: (1) Tax increment revenues from the "Central City" project area are projected to be $8,462,000. Twenty percent of said tax increment revenue total is $1,692,400. (2) Total tax increment revenues from the other project areas are projected to be $9,649,000. The portion of said tax increment revenues which is legally required to be allocated to the "Low and Moderate Income Housing Fund" (20%) is $1,929,800. The amount of said revenues which will actually be allocated to the "Low and Moderate Income Housing Fund" is projected to be $4,713,000, an excess of $2,783,200 over the legally required portion (the "excess allocation"). (3) The excess allocation of tax increment revenues from the other project areas will be greater than 20 percent of the tax increment revenues of the "Central city" project area. Therefore, the effort to meet the low and moderate income housing needs of the city of Santa Ana from revenues sources other than tax increment revenue from the "Central city" project area is more than equivalent in impact to the funds that would otherwise be required to be allocated from the "Central city" project area tax increment revenues. 2. The Executive Director is directed to send a copy of this resolution, together with the factual information supporting the findings herein made, to the Department of Housing and community Development of the State of California within ten (10) days after the date of adoption of this resolution. 2