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Tax Exempt Bond Financing and Loan <br />Agreements with Lacy and Raitt, LP <br />(703 N. Lacy/702 S. Raitt) <br />January 5, 2009 <br />Page 7 <br />The California Health and Safety Code (Code) requires that when a <br />Redevelopment Agency enters into an agreement for the acquisition or <br />disposition and development of property that would lead to displacement <br />of people from their .homes, the legislative body must adopt, by <br />resolution, a Relocation Plan (Exhibits 3 and 4). Due to the <br />reconfiguration of units at Raitt Street, two families will need to be <br />permanently relocated. These households will be offered units at other <br />OHDC projects such as Townsend & Raitt and Wilshire/Minnie. At Lacy <br />Street, there are four families that are over income for that project <br />and will need permanent relocation. Of the four, two have incomes <br />between SO%-60% AMI and will be offered the option to relocate into <br />other OHDC projects. The remaining two households are at or above 60s <br />AMI; and therefore, they will be given relocation benefits and <br />assistance in locating to a new unit. <br />Additionally, the Code requires the Agency to adopt, by resolution, a <br />Replacement Housing Plan whenever it destroys or removes dwelling units <br />from the low- and moderate-income housing stock. Among other things, <br />this Replacement Housing Plan shall specify how and where the Agency <br />shall provide replacement housing units. The attached Replacement <br />Housing Plan (Exhibit 5) has been prepared, due to the loss of units at <br />702 S. Raitt. <br />Approval of these <br />their affordable <br />Consolidated Five <br />projects will <br />housing goals <br />Year Plan, and <br />assist the City <br />as identified in <br />the Redevelopment <br />and Agency in meeting <br />the Housing Element, <br />Implementation Plan. <br />ENVIRONMENTAL IMPACT <br />In accordance with the California Environmental Quality Act and the <br />National Environmental Policy Act, the proposed project is exempt from <br />further review. Categorical Exemption No. ER 2008-236 (Lacy) and 2008- <br />221(Raitt) will be filed for this project. <br />4-67 <br />