1994 AGN MAY 17 I12 - Laserfiche WebLink

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MAY -11-94 WED 9:42 GRP °FDEVELOPMENT FAX N0, 909+" '0572 P-02 EMIIBITaAw USE OF LOW Alm MODERATE INCOME BOUSM0 p1jNM of PROJEMAREA E Twenty punt (20%) Provision for Affordable H The purpose of this exhibit is to au dine matters relevant evelfor consideration tion Rsdopm�ent Agency for the City of Colton (the " by the use of certain tai increment revenges outside of the in c0nnection with the *Proje Redevelopment suite to the RedeveloPment Plan int pra�ect area (the for the Ran . Prgjeet (the 'Redevelopment plea") which state law requires to be earmarked for affordable ho ' fact that there are residential d dement And rehabilitation, In view of the the that Area which will be impacted � lings * located both �� and outside of rt is important to eonedde�r the use of such y ��On of the Redevelopment Plan, tax increment =,e9eIIuee at this time. Health and Safety Code Section &UU-2 provides that: "(a) Not lase than 20 percent of all taws which are allocated the Pursuant to Section 936?0 shall be used agency . by the agency for the purposes of increasing, improving and preserving the community's supply of low moderate -income housing available at affordable honsing and cost ... (g) 2U agency may use these funds An= M only n =dad area. The AAMSM And the 1912islativeiV41 that sueb -n PrOiAll• The determination by the agency and the legislative final and conclusive as to the issue of benefit to the Prof b area be (emphasirs added) Section 338U.2(g) further indicates that: * * ' W body finds -the eveIgnment plan ig BdW4.' that the provision of low'• and moderate -income housing Project area will be of benefit to the project, outside the (emPhaeis added) ' Before Adoption of the Redevelop=ment Plan for the Rancho/MM R,odevalopment Project Area The Agency seeks to maintain as much floidbility as possible in connecti implementation of the Redevelopment Plan °II with the Particnlar�y with res provisions for affordable housing. In order to foster the Pew to the the Project Area which would be of most benefit to the of development within term 8'�leAgencyof the referenced it findings important to underscore the significance � elfin d regarding af%rdable hour' g the above - Redevelopment Plan, Unless theAgency Prior makes the findings specified in Section A-1