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loans for small business or property owners who desire to install capital improvements, redesign parking or delivery areas, and construct new buildings. The Agency may also participate with business and property owners who desire to reconstruct improvements by providing off-site improvements or other incentives to eliminate the financial short falls that presently hinder development. Housing Programs The Agency is required by Redevelopment Law to set aside at least 20% of its gross tax increment revenues into a fund to increase, improve, and preserve the community's supply of affordable housing. Such funds will be used outside the Project Area boundaries, because residential uses are not permitted in the General Plan or Port Development Plan. The Agency anticipates expending approximately $42 million on affordable housing projects over the duration of the Redevelopment Plan. Housing fund expenditures will assist the City in implementing the goals and programs set forth in the Agency's affordable housing compliance plan and five-year implementation plan, as well as the Housing Element of the City's General Plan. Affordable housing funds may be used to assist in the development of quality housing projects in areas where such uses are permitted. The Agency also may expand implementation of its existing affordable housing programs (including the Down Payment Assistance, Single Family Housing Loan, Rental Rehabilitation Loan, and Emergency Repair programs) using Project housing set aside funds if the Redevelopment Plan is adopted. These housing projects implemented using Project Area tax increment revenues would generally help fulfill the community's need for affordable housing in response to development of job-generating uses and other economic growth within the Project Area. ROSENOW SPEVACEK GROUP, INC. REDEVELOPMENT AGENCY OF THE CITY OF STOCKTON MAY 3, 2004 ROUGH AND READY ISLAND REDEVELOPMENT PROJECT - D-3 - PRELIMINARY REPORT