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WS.A. <br /> <br />WORK STUDY SESSION <br /> <br />ROLE OF REDEVELOPMENT IN AFFORDABLE HOUSING - Presented <br />by Ms. Cathy Head representing Keyser Marston Associates, Inc. <br /> <br />Mayor Pulido left the meeting at 7:33 p.m. <br /> <br />Highlights of the work study session include the following: <br /> <br />· Changes in redevelopment law were enacted in the fall of 2001 (AB <br /> 637) <br />· One of most important sources of funding is property tax increment <br /> housing set-aside funds <br />· These funds are comprised of 20% of gross property tax <br /> increments generated by the City's redevelopment areas (Central <br /> City, South Main, Inter-City; North Harbor; and Bristol, and, South <br /> Harbor) <br />· Set-asides must be used to increase, improve and preserve the <br /> supply of Iow and moderate income housing <br />· Long-term deed restrictions must be applied <br /> Housing must be provided at affordable housing cost <br />· Infrastructure improvements must be directly tied to an affordable <br /> housing project subject to covenants, and must be a fundamental <br /> component of the project <br />· Improvements can only be funded in proportion to percent of <br /> affordable units in the project <br />· Replacement housing obligation exists any time Agency causes <br /> housing to be destroyed and the replacement housing plan must <br /> be adopted before agreement is executed that causes demolition <br />· Replacement units can be anywhere in the City <br />· Replacement Units must match income level of household that <br /> resided in the destroyed unit <br />· Deed restriction is 55 years for rental and 45 years for sale <br />· 30% of housing developed by an Agency must be available to Iow <br /> and moderate income households; 50% of these units must be <br /> available to very-low income households <br />· Requirements apply to project areas adopted after January 1976; <br /> would apply to all except Central City <br />· 15% of units developed in project area by private developers and/or <br /> with Agency assistance must be affordable units subject to deed <br /> restrictions <br />· Agency must spend housing funds for very-low and Iow income <br /> households in proportion to unmet need <br />· Agency must limit expenditures on Senior Citizen projects to same <br /> proportion as 65+ population in City <br /> <br />CITY COUNCIL MINUTES 31 JANUARY 22, 2002 <br /> <br /> <br />