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Tax Exempt Bond Financing and Loan Agreements with Lacy and Raitt, LP (703 N. Lacy/702 S. Raitt) January 5, 2009 Page 7 The California Health and Safety Code (Code} requires that when a Redevelopment Agency enters into an agreement for the acquisition or disposition and development of property that would lead to displacement of people from their homes, the legislative body must adapt, by resolution, a Relocation Plan (Exhibits 3 and 4). Due to the reconfiguration of units at Raitt Street, two families will need to be permanently relocated. These households will be offered units at other OHDC projects such as Townsend & Raitt and Wilshire/Minnie. At Lacy Street, there are four families that are over income for that project and will need permanent relocation. Of the four, two have incomes between 500-50o AMI and will be offered the option to relocate into other OHDC projects. The remaining two households are at or above 600 AMI; and therefore, they will be given relocation benefits and assistance in locating to a new unit. Additionally, the Code requires the Agency to adopt, by resolution, a Replacement Housing Plan whenever it destroys or removes dwelling units from the low- and moderate-income housing stock. Among other things, this Replacement Housing Plan shall specify how and where the Agency shall provide replacement housing units. `lhe attached Replacement Housing Plan (Exhibit 5) has been prepared, due to the loss of units at 702 S. Raitt. Approval of these projects will assist the City and Agency in meeting their affordable housing goals a,s identified in the Housing Element, Consolidated Five Year Plan, and the Redevelopment Implementation Plan. ENVIRONMENTAL IMPACT In accordance with the California Environmental Quality Act and the National Environmental Policy Act, the proposed project is exempt from further review. Categorical Exemption No. ER 2008-235 (Lacy) and 2008- 221(Raitt) will be filed for this project. 5