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affordability covenants that meet replacement obligations for the 622 -628 N. Garfield. In <br />addition, the City's Housing Element identifies potential sites where any remaining replacement <br />units may be located. <br />Income Level of Replacement Units <br />One hundred percent of the replacement dwelling units will be affordable to and occupied <br />exclusively by tenants with the same income levels as the persons displaced from the dwelling <br />units that are being removed from the low- and moderate - income housing market. Therefore, <br />seven replacement units will be made affordable to very low- income households whose incomes <br />are at of below fifty (50) percent of the median income. <br />Funding Score <br />corce <br />The Agency and the City of Santa Ana have committed sufficient HOME and Tax Increment <br />funds to finance the demolition and replacement of the seven required replacement housing units <br />for 622 -628 N. Garfield. <br />Low /Moderate Income Assurance <br />All agreements related to replacement housing units will contain a covenant guaranteeing units <br />remain available at affordable housing cost to, and occupied by, persons and families of low - <br />income, moderate - income and very low income households for not less than 55 years of low for <br />rental units and 45 years for homeownership units, as required by the Health and Safety Code <br />Section 33413. <br />Article 34 Compliance <br />The replacement housing to be provided pursuant to this Replacement Housing Plan does not <br />require the approval of the voters pursuant to Article 34 of the California Constitution, in that all <br />of the replacement housing units fall within exceptions to the definition of "low -rent housing <br />project" in California Health and Safety Code 37001. The seven units consist of acquisition and <br />rehabilitation for the purpose of providing affordable housing for low- income households. <br />Availability of Plan <br />In accordance with the Community Redevelopment Law, a copy of the Replacement Housing <br />Plan will be made available for review and comment by other public agencies, and the general <br />public during regular business hours between 8:00 a.m. and 5:00 p.m., Monday through Friday in <br />the offices of the Housing Department, 20 Civic Center Plaza, 3'd Floor, Community <br />Redevelopment Agency, 20 Civic Center Plaza, 6`h Floor, and in the office of the City Clerk, 8` <br />floor, Santa Ana, California. <br />Exhibit 2 <br />Pf 2 Lb <br />