Section 33492.87 Of Article 5. March Joint Powers Redevelopment Agency From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 4.5. >> Article 5.
33492.87
. (a) (1) Notwithstanding Section 33334.2 or any other
provision of law, the agency established or governed pursuant to this
article may annually defer the requirement to allocate 20 percent of
tax-increment revenue to the Low and Moderate Income Housing Fund
for a period of up to 5 years after the date on which the county
auditor makes the certification pursuant to Section 33492.9.
(2) The agency shall not defer its allocation in any year unless
it first adopts a finding based on substantial evidence that the
vacancy rate for rental housing affordable to lower income households
within the jurisdiction of the members of the agency is greater than
4 percent.
(3) The amount of the deferral, if any, shall be considered an
indebtedness of the agency and shall be paid into the Low and
Moderate Income Housing Fund no later than the end of the 10th fiscal
year after the date on which the county auditor makes the
certification pursuant to Section 33492.9. If the indebtedness is not
eliminated by the end of the 10th fiscal year, the county auditor or
controller shall, no later than March 15 of the 11th year, 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 to meet its affordable housing requirements
pursuant to this part.
(b) The agency shall not be required to replace barracks or
dormitory-style housing or Arnold Heights housing that is adaptively
reused, demolished, or removed within the boundaries of March Air
Force Base.