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being removed from the low -, very low- and moderate - income housing market. <br />Therefore, all units will be made available to low -, very low- and moderate - income <br />households. <br />Funding Source <br />The Agency and the City of Santa Ana have committed sufficient Tax Increment funds to <br />finance the required replacement units. <br />Low /Moderate Income Assurance <br />All agreements related to replacement housing units will contain a covenant requiring <br />that units remain available at affordable housing cost to, and occupied by, persons and <br />families of very -low, low- and moderate - income for not less than fifty -five years for <br />rental properties and for not less than forty -five years for homeownership units, as <br />required by the Health and Safety Code Section 33413. <br />Article 34 Compliance <br />The replacement housing to be provided pursuant to this Replacement Housing Plan does <br />not require the approval of the voters pursuant to Article 34 of the California <br />Constitution, in that all of the replacement housing units fall within exceptions to the <br />definition of "low -rent housing project" in California Health and Safety Code Section <br />37001. <br />Availability of Plan <br />Section 33413.5 of the Health and Safety Code requires that, for a reasonable period of <br />time prior to its adoption by resolution, the Agency make available a draft of this <br />Replacement Housing Plan for review and comment by the project area committee, other <br />public agencies, and the general public. Beginning October 23, 2006 and ending <br />November 3, 2006, the Plan will be available Monday through Friday between the hours <br />of 8:00 a.m. and 5:00 p.m. in the following locations: <br />Housing Department <br />20 Civic Center Plaza, 3 Floor <br />Community Redevelopment Agency <br />20 Civic Center Plaza, 6th Floor <br />Office of the City Clerk <br />20 Civic Center Plaza, 8`" Floor <br />The availability of the draft Plan will be made known by means of a public notice <br />published in the Orange County Register, a local newspaper of general circulation, <br />on October 21, 2006. <br />EXHIBIT 3 <br />Page 2 of 4 <br />� i <br />