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3.32.020 2. Improve real property or building sites moderate income are destroyed or removed with onsite or offsite improvements, but only from the low- and moderate - income housing if either (a) the improvements are made as market as part of a redevelopment project part of a program which results in the new subject to a written agreement with the agency construction or rehabilitation of affordable or where financial assistance has been housing units for low- or moderate - income provided by the agency. persons who are directly benefited by the The agency shall, within four years of the improvements or (b) the agency finds that the destruction or removal, rehabilitate, develop, improvements are necessary to eliminate a or construct. or cause to be rehabilitated, specific condition that jeopardizes the health developed, or constructed, for rental or sale to or safety of existing low- or moderate - income persons and families of low or moderate residents; income, an equal number of replacement 3. Donate real property to private or dwelling units that have an equal or greater public persons or entities; number of bedrooms as those destroyed or 4. Finance insurance premiums; removed units at affordable housing costs 5. Acquire, rehabilitate, and construct within the agency's territorial jurisdiction. buildings or structures; When dwelling units are destroyed or 6. Provide subsidies to, or for the benefit removed, seventy -five percent (75%) of the of, very low income households, low income replacement dwelling units shall replace households, or persons and families of low to dwelling units available at affordable housing moderate income to the extent those cost in the same income level of very low - households cannot obtain housing at income households, lower- income house - affordable costs on the open market; holds, and persons and families of low and 7. Develop plans, pay principal and moderate income, as the persons displaced interest on bonds, loans, advances, or other from those destroyed or removed units. indebtedness, or pay financing or carrying Replacement Housing Plan. Not less than charges; thirty (30) days prior to the execution of an 8. Maintain the community's supply of agreement for acquisition of real property, or mobile homes; and the execution of an agreement for the 9. Preserve the availability to lower disposition and development of property, or income households of affordable housing the execution of an owner participation units in housing developments that are agreement, which agreement would lead to the assisted or subsidized by public entities and destruction or removal of dwelling units from that are threatened with imminent conversion the low- and moderate- income housing to market rates. (Ord. 99 -025 § 212.1, 1999) market, the agency shall adopt by resolution a replacement housing plan. For a reasonable 3.32.020 Replacement housing. time prior to adopting a replacement housing The agency shall comply with the plan, the agency shall make available a draft requirements herein below whenever dwelling of such plan for review and comment by the units housing persons and families of low or project area committee, if any, other public agencies, and the general public. 133