Section 33478.1 Of Article 14.5. Merger Of Redevelopment Project Areas In The Cities Of Richmond And Pittsburg From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 4. >> Article 14.5.
33478.1
. (a) Subject to the provisions of subdivisions (a) and (b)
of Section 33478, not less than 20 percent of all taxes which are
allocated to the redevelopment agency pursuant to Section 33670 for
redevelopment projects merged pursuant to this article, irrespective
of the date of adoption of the final redevelopment plans shall be
deposited by the agency in the Low and Moderate Income Housing Fund
established pursuant to Section 33334.3, or which shall be
established for purposes of this section, except if the agency finds
that not less than 4 percent of the housing units within its
jurisdiction receive subsidies to make such units affordable to low-
or moderate-income households. The agency shall use the moneys in
such fund to assist in the construction or rehabilitation of housing
units which will be available to, or occupied by, persons and
families of low or moderate income, as defined in Section 50093, and
very low income households, as defined in Section 50105, for a period
of not less than 30 years. For the purposes of this subdivision,
"construction and rehabilitation" shall include acquisition of land,
improvements to land; the acquisition, rehabilitation, or
construction of structures; or the provision of subsidies necessary
to provide housing for persons and families of low or moderate
income, as defined in Section 50093, and very low income households,
as defined in Section 50105.
(b) The agency may use the funds set aside by subdivision (a)
inside or outside the project area. However, the agency may only use
these funds outside the project area upon a resolution of the agency
and the legislative body that such use will be of benefit to the
project. Such determination by the agency and the legislative body
shall be final and conclusive as to the issue of benefit to the
project area. The Legislature finds and declares that the provision
of replacement housing pursuant to Section 33413 is of benefit to a
project.
The Legislature finds and declares that expenditures or
obligations incurred by the agency pursuant to this section shall
constitute an indebtedness of the project.
(c) If moneys deposited in the Low and Moderate Income Housing
Fund pursuant to this section have not been committed for the
purposes specified in subdivisions (a) and (b) for a period of six
years following deposit in that fund, the agency shall offer such
moneys to the housing authority which operates within the
jurisdiction of the agency, if activated pursuant to Section 34240,
for the purpose of constructing or rehabilitating housing as provided
in subdivisions (a) and (b).
(d) Notwithstanding subdivision (d) of Section 33413, any agency
which merges its redevelopment project areas pursuant to this article
shall be subject to the provisions of subdivisions (a) and (c) of
Section 33413.