COMPLIANCE INFO_PRE 2019 - Laserfiche WebLink

Home Browse Search

4. Duration The covenants in deeds, leases, and contracts from or with the Agency, with respect to prevention of discrimination, shall remain in effect in perpetuity. PART VII. METHODS FOR FINANCING THE PROJECT GENERAL PROVISIONS The Agency is authorized to finance the Project with financial assistance from the City, the State of California, the Federal Government, property tax increments, interest income, Agency notes and bonds, assessment district or special tax district revenues, or any other available source. Advances for survey and planning and operating capital for administration of the Project may come through loans from the City or other entities. The City may also supply additional assistance through City loans and grants for various public facilities and other redevelopment activities. As available, gas tax funds from the State of California and the City and County transportation taxes and assessments may be used toward the cost of the street system and related improvements. It is anticipated that there may also be some revenue accruing to the Project from interest earned on investments of Agency funds. The Agency is hereby authorized to borrow funds, obtain advances, and create contractual indebtedness and other obligations in carrying out this Plan, pursuant to applicable law. The principal and interest on such borrowed funds, advances and other obligations may be paid from tax increments or any other funds available to the Agency. AFFORDABLE HOUSING FINANCING Pursuant to the Redevelopment Law (Health and Safety Code Section 33334.2), a minimum of twenty percent of all tax increments allocated to the Agency shall be used for the purposes of improving and increasing the community's supply of quality affordable housing unless the Agency makes one or more of the findings specified in Health and Safety Code Section 33334.2(a) (the "Housing Fund Requirement"). However, notwithstanding the provisions of Section 33334.2 or any other provision of law, pursuant to Health and Safety Code Section 33492.16, the Agency many annually defer the Housing Fund Requirement for a period of up to five years after the date of adoption of the Plan, based upon an annual finding that the funds are necessary for effective redevelopment of base property and long-term tax generation, and that the vacancy rate for housing affordable to lower income households within the jurisdiction of the Agency is greater than 4 percent. Tax increment revenues allocated to the Agency and earmarked for housing purposes will be used to fund existing and new programs for housing development and rehabilitation in a manner consistent with the Housing Element of the City's General Plan, and/or other applicable City housing policies, as they now exist or may hereafter be amended. The General Plan permits no residential uses within the Project Area, which is intended to be an industrial area. Therefore, provision of the low-and moderate-income housing outside the Project Area will be of benefit to the Project Area. 201\45\166562.4 22