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myAiyff <br />2. Improve real property or building sites <br />with onsite or offsite improvements, but only <br />if either (a) the improvements are made as <br />part of a program which results in the new <br />construction or rehabilitation of affordable <br />housing units for low- or moderate -income <br />persons who are directly benefited by the <br />improvements or (b) the agency finds that the <br />improvements are necessary to eliminate a <br />specific condition that jeopardizes the health <br />or safety of existing low- or moderate -income <br />residents; <br />3. Donate real property to private or <br />public persons or entities; <br />4. Finance insurance premiums; <br />5. Acquire, rehabilitate, and construct <br />buildings or structures; <br />6. Provide subsidies to, or for the benefit <br />of, very low income households, low income <br />households, or persons and families of low to <br />moderate income to the extent those <br />households cannot obtain housing at <br />affordable costs on the open market; <br />7. Develop plans, pay principal and <br />interest on bonds, loans, advances, or other <br />indebtedness, or pay financing or carrying <br />charges; <br />8. Maintain the community's supply of <br />mobile homes; and <br />9. Preserve the availability to lower <br />income households of affordable housing <br />units in housing developments that are <br />assisted or subsidized by public entities and <br />that are threatened with imminent conversion <br />to market rates. (Ord. 99-025 § 212.1, 1999) <br />3.32.020 Replacement housing. <br />The agency shall comply with the <br />requirements herein below whenever dwelling <br />units housing persons and families of low or <br />moderate income are destroyed or removed <br />from the low- and moderate -income housing <br />market as part of a redevelopment project <br />subject to a written agreement with the agency <br />or where financial assistance has been <br />provided by the agency. <br />The agency shall, within four years of the <br />destruction or removal, rehabilitate, develop, <br />or construct, or cause to be rehabilitated, <br />developed, or constructed, for rental or sale to <br />persons and families of low or moderate <br />income, an equal number of replacement <br />dwelling units that have an equal or greater <br />number of bedrooms as those destroyed or <br />removed units at affordable housing costs <br />within the agency's territorial jurisdiction. <br />When dwelling units are destroyed or <br />removed, seventy-five percent (75%) of the <br />replacement dwelling units shall replace <br />dwelling units available at affordable housing <br />cost in the same income level of very low- <br />income households, lower -income house- <br />holds, and persons and families of low and <br />moderate income, as the persons displaced <br />from those destroyed or removed units. <br />Replacement Housing Plan. Not less than <br />thirty (30) days prior to the execution of an <br />agreement for acquisition of real property, or <br />the execution of an agreement for the <br />disposition and development of property, or <br />the execution of an owner participation <br />agreement, which agreement would lead to the <br />destruction or removal of dwelling units from <br />the low- and moderate -income housing <br />market, the agency shall adopt by resolution a <br />replacement housing plan. For a reasonable <br />time prior to adopting a replacement housing <br />plan, the agency shall make available a draft <br />of such plan for review and comment by the <br />project area committee, if any, other public <br />agencies, and the general public. <br />138 <br />