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The cash flow projected to be generated by the Affordable Housing Fund is summarized below:
<br />Table 10: Projected Affordable Housing Fund Cash Flow (FY 2010/11- FY 2014/15)
<br /> -..-... ?' ?, ? T ?! T ? 7 ?•? 74.# ? ?T? ?? S: ?T? Ivy
<br />Beginning Balance $50,301,000 $48,626,000 $48,823,000 $50,579,000 $52,032,000
<br />Total Revenues 16,291,000 16,543,000 16,687,000 16,972,000 17,263,000
<br />(Less) Expenditures (17,966,000) (16,346,000) (14,931,000) (15,519,000) (15,610,000)
<br />Ending Balance $48,626,000 $48,823,000 $50,579,000 $52,032,000 $53,685,000
<br />PROPORTIONAL EXPENDITURES OF AFFORDABLE HOUSING FUND
<br />The Merged Project Area is subject to the Section 33334.4 requirement that a redevelopment
<br />agency expend Affordable Housing Funds in accordance with an income proportionality test
<br />and an age restriction proportionality test. These proportionality tests must be met between
<br />January 1, 2002 and December 31, 2014, and then again through the termination of the
<br />Merged Project Area. The results of the proportionality test are described in the following
<br />sections.
<br />Income Targeting Proportionality Test
<br />The income targeting proportionality test requires a redevelopment agency to expend
<br />Affordable Housing Funds in proportion to the unmet housing needs that have been identified
<br />for the community pursuant to Government Code Section 65584. The proportionality test used
<br />in this report is based on the 2006 - 2014 Regional Housing Needs Assessment (RHNA) figure
<br />prepared by the Southern California Association of Governments (SCAG), which covers the time
<br />period of this Implementation Plan.
<br />The RHNA established the following unmet need for affordable housing in the City of Santa Ana.
<br />Table 11: Income Targeting Requirements
<br />Very-Low Income 2,710 39% At Least 39%
<br />Low Income 1,639 23% At Least 23%
<br />Moderate Income 2,625 38% At Most 38%
<br />Totals 6,974 100%
<br />To comply with the Section 33334.4 requirements, the Agency must spend at least 39% of the
<br />Affordable Housing Funds on projects and programs dedicated to very-low income households,
<br />and no more than 38% of the Housing Funds on projects and programs dedicated to moderate
<br />income households. Section 33334.4 provides the Agency with the flexibility to allocate
<br />Affordable Housing Funds in any way that complies with the defined minimum for very-low
<br />income expenditures and the defined cap for moderate income expenditures.
<br />Santa Ana Community Redevelopment Age :t,. n do P n July 1, 2010 to June 30, 2015
<br />For the Merged Santa Ana Redevelopment. W b-49 Page 45
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