Section 33334.10 Of Article 4. Preparation And Adoption Of Redevelopment Plans By The Agency From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 4. >> Article 4.
33334.10
. (a) Except as otherwise provided in this subdivision, not
later than six months following the close of any fiscal year of an
agency in which excess surplus accumulates in the agency's Low and
Moderate Income Housing Fund, the agency may adopt a plan pursuant to
this section for expenditure of all moneys in the Low and Moderate
Income Housing Fund within five years from the end of that fiscal
year. The plan may be general and need not be site-specific, but
shall include objectives respecting the number and type of housing to
be assisted, identification of the entities, which will administer
the plan, alternative means of ensuring the affordability of housing
units for the longest feasible time, as specified in subdivision (e)
of Section 33334.3 the income groups to be assisted, and a schedule
by fiscal year for expenditure of the excess surplus.
(b) The agency shall separately account for each excess surplus
either as part of or in addition to a Low and Moderate Income Housing
Fund.
(c) If the agency develops a plan for expenditure of excess
surplus or other moneys in the Low and Moderate Income Housing Fund,
a copy of that plan and any amendments thereto shall be included in
the agency's annual report required by Article 6 (commencing with
Section 33080).