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Chapter 3.32 <br />LOW- AND MODER-kTE-INCOME <br />HOUSING <br />Sections: <br />3.32.010 <br />Use of tax increment <br />funds to increase, <br />improve, and preserve the <br />supply of affordable <br />housing. <br />3.32.020 <br />Replacement housing. <br />3.32.030 <br />Inclusionary <br />requirements for new or <br />rehabilitated dwelling <br />units within the project <br />area. <br />3.32.040 <br />Duration of affordability. <br />3.32.050 <br />Monitoring affordable <br />housing. <br />3.32.060 <br />Provision of down <br />payment for peace <br />officer's purchase of <br />principal residence. <br />3.32.010 <br />Use of tax increment funds <br />to increase, improve, and <br />preserve the supply of <br />affordable housing. <br />A. The agency shall use not less than <br />twenty (20) percent of all taxes allocated to it <br />pursuant to Health and Safety Code Section <br />33670 for the purposes of increasing, <br />improving, and preserving the community's <br />supply of low- and moderate -income housing <br />available at affordable housing cost to persons <br />and families of low or moderate income and <br />very low income. The definitions contained in <br />Health and Safety Code Sections 50052.5 <br />("affordable housing cost"), 50079.5 ("lower - <br />income households"), 50093 ("persons and <br />3.32.010 <br />families of low or moderate income"), and <br />50105 ("very low income households") shall <br />apply to these requirements. <br />B. The funds for these purposes shall be <br />held in a separate low- and moderate -income <br />housing fund (the "fund") until used. Any <br />interest earned by the fund and any <br />repayments or other income to the agency for <br />loans, advances, or grants, of any kind from <br />the fund, shall accrue to and be deposited in, <br />the fund and may only be used in the manner <br />prescribed for the fund. <br />C. The agency shall, to the maximum <br />extent possible, use the fund to defray the <br />costs of production, improvement, and <br />preservation of low- and moderate -income <br />housing. The agency shall not spend amounts <br />for planning and general administrative <br />activities that are disproportionate to the <br />amount actually spent for the costs of <br />production, improvement, or preservation of <br />that housing. The agency shall determine <br />annually that the planning and administrative <br />expenses are necessary for the production, <br />improvement, or preservation of low- and <br />moderate -income housing. <br />D. The agency may use these housing <br />fund inside or outside the project area, but <br />may use the funds outside the project area <br />only upon a resolution of the agency and the <br />city council that the use will be of benefit to <br />the project. The agency may use these funds <br />to meet, in whole or in part, the replacement <br />housing provisions in this title. Expenditures <br />or obligations incurred by the agency pursuant <br />to this section shall constitute an indebtedness <br />of the project. <br />E. In carrying out the purposes of this <br />section, the agency may exercise any or all of <br />its powers, including the following: <br />1. Acquire real property or building sites; <br />137 <br />