4A Public Hearing 2007 1203 - Laserfiche WebLink

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Targets for Housing to 6e Produced in the Next Ten Years As of 2004, Redevelopment law requires that LMHF be targeted in proportion to the unmet need according to (1) income and (2) families vs. seniors. The requirement targeting LMHF to low and very low income households has not changed. The percentages follow: • 22% of the units have to be for households earning less than 50% of Area Median Income. • 12% of the units have to be for households earning between 50-80% of Area Median Income. The LMHF targeting requirements for seniors under California Redevelopment Law (CRL) were revised in 2005. CRL defines seniors as persons 65 years and older. Previously, the Agency could not expend more in LMHF on senior affordable housing than the percentage of seniors (as compared to the total population) in the City. Based on Census 2000, seniors represented 16% of the City population and, therefore, no more than 16% of LMHF during the Ten-Year Expenditure Plan period (2004-2014) could be spent on senior housing (as shown in Table 9 below). However, CRL Section 33334.4 was amended so that the LMHF spending (and consequently unit production cap) for affordable senior housing was based on the percentage of low income seniors (compared to the total low income population) in the City. According to Census 2000, there were 41% low income senior households in the City in comparison to the overall lo~v income household population in the City. Thus, no more than 41% of LMHF-funded affordable housing units can be constructed for lower income seniors from 2004-2014 as shown in Table 9a below. Table 9. Housing Element Targeted Groups and Estimated Expenditures - 2004 Estimates Years Potential Units RDA Could Fund Target Maximum Units Seniors Target Units Minimum Very Low Income Target Units Minimum Low Income 2004 -2006 44 7 10 5 2007-2012 113 18 2~ 14 2012-2014 74 12 16 9 Total Units 231 37 51 28 Estimated LMHF Exp (at $65k/ unit) X15,015,000 $2,405,000 $3,315,000 $1,820,000 Source- San t,eanaro xeaeveiopmem tsgcucy. T,. 1_1,. (l.. II,...,.:.. ,. L`1..... ~,.,4 Tnrnn+orl (_'rniine anfl F.CtirrlatPf'~ FXnPTI (~1t71TPC - Znn7 1JDd3te Years Potential Actual RDA Target Max. Actual Target Units Actual Very Tazget Units Actual Units RDA Funded Units Units Seniors Seniors Min. Very Low Low Income Min. Low Low Could Fund (41%) Units Income (22%) Units Income (12%) Income Units 2004 -2006 57 0 23 0 13 0 7 0 2007-2012 123 117 50 50 27 67 15 0 2012-2014 77 NA 32 NA 17 NA 9 NA Total Units 257 117 105 50 57 67 31 0 Estimated LMHF $24,873,38 $10,198,088 $1,978,000 $5,472,145 X5,697,674 $2,984,806 0 Ex (at $96k/unit)* Source: Jan Leandro Kedevelopment agency. * Assumes a higher per unit cost due to increased land values and construction costs since 2004_ Mid-Term Review Page 16