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3. Progress Toward Meeting Goals and Obiectives As previously indicated, EXHIBIT 4 provides a summary of the City's progress toward meeting five - year goals. Since 2011 -2012 was the City's second year of the 2010 -2014 Consolidated Plan cycle, it is reasonable to set a 40% goal attainment rate as a test for program progress (i.e., at the end of two years programs should have already met approximately 40% of respective five -year goals). Housing Program Goals At the end of 2011 -2012, HOME - funded housing goal for renter units has met 25.7% of five -year goals (five -year goal of 175 - 45 assisted after two years). No rental units have been assisted with CDBG funds (five -year goal is to assist at least ten units). With respect to accomplishments for owner - occupied housing activities, after two years of efforts 32.4% the five -year goal has been met (planned assistance for 108 units; 35 assisted). Overall, after two years the City has met 27.3% of its five -year Consolidated Plan housing goals. With respect to housing accomplishments by tenure, as outlined above, the City has so far met 32.4% of its owner occupied housing goal. It has also met 24.3% of its rental housing five -year goals. With respect to the incomes of assisted units, the data indicates that the City's owner occupied housing programs are not focused on one income category but have assisted households in all three Low- and Moderate - Income groups. Conversely, the City's rental housing programs have primarily focused on households with incomes below 50% of the area median income.6 The primary reason for the latter accomplishment is the City's intentional focus of limited housing resources on assisting households at the lowest income levels (0% to 50% of median income). The majority of resources committed for rental housing have been utilized by Community Housing Development Organizations (CHDOs). The primary mission of CHDOs is to create affordable housing opportunities for households with Extremely Low- and Very Low - incomes. Detailed housing accomplishment information is provided in EXHIBIT 4. During the 2011 -2012 report period, a major source of funding originally identified in the City's Consolidated Plan was lost. The state legislature and the governor took action to eliminate redevelopment financing throughout California. In addition to funding significant non - housing improvements, redevelopment funds were a significant funding source for affordable housing financing. In addition to the loss of project /program funding, the City lost significant resources staffing. State law allows the City to see to completion certain projects that had enforceable agreements in place but once completed all redevelopment activity will cease. The loss of redevelopment will undoubtedly have an impact on the City's ability to meet Consolidated Plan goals. While the City dealt with the loss of redevelopment funding, it was able to utilize ADDI and Neighborhood Stabilization Program (NSP) resources to assist qualified households purchase homes. NSP regulations allow the City to assist households with incomes up to 120% of the area 6 It is important to note that as required by HUD, housing accomplishments must be reported based on the income of the tenant occupying assisted units; however, many of these units are subject to affordability covenants that allow units to be rented to residents with higher incomes (up to 50% of median income). 08/23 /2012 9 19C -17