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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, all <br />of the replacement units will be made affordable to very low- income households whose incomes <br />are at or below fifty (50) percent of the median income. <br />Funding e ource <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 three required replacement housing units <br />for 1129 S. Orange Project. <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 the exceptions to the definition of "low -rent housing <br />project' in California Health and Safety Code 37001. One of the replacement units consists of <br />newly constructed privately owned one -to -four family dwellings not located on adjoining sites. <br />The other two units consist of rehabilitation of dwelling units currently occupied by lower <br />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`n Floor, and in the office of the City Clerk, 8`h <br />floor, Santa Ana, California. <br />Exhibit 1 <br />Page- of A2 <br />