Section 33492.106 Of Article 7. Tustin Marine Corps Air Station From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 4.5. >> Article 7.
33492.106
. (a) Notwithstanding Section 33334.2, or any other
provision of law, the redevelopment agency for the Tustin Marine
Corps Air Station Redevelopment Project, may, for up to 10 years,
defer depositing into the Low- and Moderate-Income Housing Fund up to
50 percent of the amount required by Section 33334.2. The amount of
the deferral shall be considered an indebtedness and shall be repaid
to the Low- and Moderate-Income Housing Fund during the period from
the beginning of the 11th year to the end of the 20th year after the
establishment of the Tustin Marine Corps Air Station Redevelopment
Project area. If the indebtedness is not eliminated by the end of the
20th year, the county auditor or controller shall withhold an amount
equal to the indebtedness and deposit those funds into a separate
Low- and Moderate-Income Housing Fund for use by the redevelopment
agency.
(b) This section shall not apply to the requirement that tax
increment revenues attributable to the property that is located
outside the military base be allocated to the Low- and
Moderate-Income Housing Fund.