050205 PH Five Hear Implementation Plan

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i It should be noted that Section 33334.4 allows the Agency to expend a disproportionate amount of the Affordable Housing Funds for very-low income households, and to subtract a commensurate amount from the low and /or moderate income thresholds. Similarly, the Agency can provide a disproportionate amount of funding for low income housing by reducing the amount of funds allocated to moderate income households. In no event can the expenditures targeted to moderate income households exceed the established threshold amount. The Agency intends to fulfill the requirements imposed by Section 33334.4 over the period between January 1, 2002 and June 30, 2015. As shown in Table H -9, it is projected that 41% of the Affordable Housing Fund's project and program expenditures will be made for very-low income households, 30% will be made for tow income households and 29% of the funds will be allocated to moderate income households. Age Restricted Housing Expenditures Section 33334.4 also requires that the Agency regardless of age, in at least the same pro rti the City's total population as reported in e m Bureau. The 2000 Census indicates that 4.� age. As such, at least 94.5% programs must be spent toO. Based on the curr proje I monies received etw an 1, restrictions on the t nan us, th test imposed by Sectl n 3 3 4. Excess Surplus 3 s a Ilable to all persons, on nd the age of 65 bears to of the ni d States Census latio0q.t1fi der 65 years of cable housing projects and restrictions on the residents. i1t6\0/o of the Affordable Housing Fund ), 2015 to projects that impose age the age restricted housing expenditures The Merged Project Area is subject to the "excess surplus" requirements imposed by Section 33334.12. Excess surplus is defined as any unexpended and unencumbered funds in the Affordable Housing Fund that exceeds the aggregate amount deposited into the Affordable Housing Fund during the Merged Project Area's preceding four fiscal years. Section 33334.12 provides the Agency with three years to encumber any excess surplus funds. As illustrated in Table H -10, based on the beginning balance and projected deposits into the Affordable Housing Fund, the Agency does not currently have an excess surplus balance. Moreover, the activities identified in this Implementation Plan are anticipated to eliminate the potential for excess surplus during the current Implementation Plan cycle. Santa Ana Community Redevelopment Agency Implementation Plan Keyser Marston Associates, Inc. For the Merged Santa Ana Redevelopment Project Area July 1, 2005 to June 30, 2010 Page 35 0504021. SA. KHH.J LR.g bd 19090.004.0 011412 212 0 0 5