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the production, improvement, or preservation of low- and moderate- income housing. The Agency may use these housing fund inside or outside the Project Area, but may use the funds outside the Project Area only upon a resolution of the Agency and the City Council that the use will be of benefit to the Project. The Agency may use these funds to meet, in whole or in part, the replacement housing provisions in Section 311.2 herein. Expenditures or obligations incurred by the Agency pursuant to this Section shall constitute an indebtedness of the Project. In carrying out the purposes of this Section, the Agency may exercise any or all of its powers, including the following: 1. Acquire real property or building sites; 2. Improve real property or building sites with onsite or offsite improvements, but only if either (a) the improvements are made as part of a program which results in the new construction or rehabilitation of affordable housing units for low- or moderate- income persons who are directly benefited by the improvements or (b) the Agency finds that the improvements are necessary to eliminate a specific condition that jeopardizes the health or safety of existing low- or moderate- income residents; 3. Donate real property to private or public persons or entities; 4. Finance insurance premiums; 5. Acquire, rehabilitate, and construct buildings or structures; 6. Provide subsidies to, or for the benefit of, very low income households, low income households, or persons and families of low to moderate income to the extent those households cannot obtain housing at affordable costs on the open market; 7. Develop plans, pay principal and interest on bonds, loans, advances, or other indebtedness, or pay financing or carrying charges; 8. Maintain the community's supply of mobile hones; and, WEST SAN LEANDRO /MACARTI-IUR BOULEVARD PAGE 17 REDEVELOPMENT PROJECI AREA REV 2999;22399;22599; 32699; 33099;040199:061599fn1