62120
. (a) Whenever dwelling units housing persons and families of
low or moderate income are destroyed or removed from the low- and
moderate-income housing market as part of a revitalization project
that is subject to a written agreement with the authority or where
financial assistance has been provided by the authority, the
authority shall, within two years of the destruction or removal,
rehabilitate, develop, or construct, or cause to be rehabilitated,
developed, or constructed, for rental or sale to persons and families
of low or moderate income, an equal number of replacement dwelling
units that have an equal or greater number of bedrooms as those
destroyed or removed units at affordable housing costs within the
territorial jurisdiction of the authority. One hundred percent of the
replacement dwelling units shall be available at an affordable
housing cost to persons in the same or a lower income category
(extremely low, low, very low, or moderate), as the persons displaced
from those destroyed or removed units.
(b) (1) Prior to the time limit on the effectiveness of the
community revitalization plan established pursuant to subdivision (g)
of Section 62003 at least 30 percent of all new and substantially
rehabilitated dwelling units developed by an authority shall be
available at affordable housing cost to, and occupied by, persons and
families of low or moderate income. Not less than 50 percent of the
dwelling units required to be available at affordable housing cost
to, and occupied by, persons and families of low or moderate income
shall be available at affordable housing cost to, and occupied by,
very low income households.
(2) (A) (i) Prior to the time limit on the effectiveness of the
revitalization plan established pursuant to subdivision (g) of
Section 62003 at least 15 percent of all new and substantially
rehabilitated dwelling units developed within a plan area under the
jurisdiction of an authority by public or private entities or persons
other than the authority shall be available at affordable housing
cost to, and occupied by, persons and families of low or moderate
income. Not less than 40 percent of the dwelling units required to be
available at affordable housing cost to, and occupied by, persons
and families of low or moderate income shall be available at
affordable housing cost to, and occupied by, very low income
households.
(ii) To satisfy this paragraph, in whole or in part, the authority
may cause, by regulation or agreement, to be available, at an
affordable housing cost, to, and occupied by, persons and families of
low or moderate income or to very low income households, as
applicable, two units outside a project area for each unit that
otherwise would have been required to be available inside a project
area.
(iii) "Substantially rehabilitated dwelling units" means all units
substantially rehabilitated, with authority assistance.
(iv) As used in this paragraph and in paragraph (1), "substantial
rehabilitation" means rehabilitation, the value of which constitutes
25 percent of the after rehabilitation value of the dwelling,
inclusive of the land value.
(B) To satisfy the requirements of paragraph (1) and subparagraph
(A), the authority may purchase, or otherwise acquire or cause by
regulation or agreement the purchase or other acquisition of,
long-term affordability covenants on multifamily units that restrict
the cost of renting or purchasing those units that either: (i) are
not presently available at affordable housing cost to persons and
families of low- or very low income households, as applicable; or
(ii) are units that are presently available at affordable housing
cost to this same group of persons or families, but are units that
the authority finds, based upon substantial evidence, after a public
hearing, cannot reasonably be expected to remain affordable to this
same group of persons or families.
(C) To satisfy the requirements of paragraph (1) and subparagraph
(A), the long-term affordability covenants purchased or otherwise
acquired pursuant to subparagraph (B) shall be required to be
maintained on dwelling units at affordable housing cost to, and
occupied by, persons and families of low or very low income, for the
longest feasible time but not less than 55 years for rental units and
45 years for owner-occupied units. Not more than 50 percent of the
units made available pursuant to paragraph (1) and subparagraph (A)
may be assisted through the purchase or acquisition of long-term
affordability covenants pursuant to subparagraph (B). Not less than
50 percent of the units made available through the purchase or
acquisition of long-term affordability covenants pursuant to
subparagraph (B) shall be available at affordable housing cost to,
and occupied by, very low income households.
(D) To satisfy the requirements of paragraph (1) and subparagraph
(A), each mutual self-help housing unit, as defined in subparagraph
(C) of paragraph (1) of subdivision (f) of Section 62101, that is
subject to a 15-year deed restriction shall count as one-third of a
unit.
(3) The requirements of this subdivision shall apply independently
of the requirements of subdivision (a). The requirements of this
subdivision shall apply, in the aggregate, to housing made available
pursuant to paragraphs (1) and (2), respectively, and not to each
individual case of rehabilitation, development, or construction of
dwelling units, unless an agency determines otherwise.
(4) Each authority, as part of the community revitalization and
investment plan required by Section 62003, shall adopt a plan to
comply with the requirements of this subdivision. The plan shall be
consistent with the community's housing element. The plan shall be
reviewed and, if necessary, amended at least in conjunction with the
plan implementation cycle. The plan shall ensure that the
requirements of this subdivision are met every 10 years. If the
requirements of this subdivision are not met by the end of each
10-year period, the agency shall meet these goals on an annual basis
until the requirements for the 10-year period are met. If the agency
has exceeded the requirements within the 10-year period, the agency
may count the units that exceed the requirement in order to meet the
requirements during the next 10-year period.
(c) (1) The authority shall require all replacement dwelling units
and other dwelling units rehabilitated, developed, constructed, or
price restricted pursuant to subdivision (a) or (b) remain available
at affordable housing cost to, and occupied by, persons and families
of extremely low income, low-income, moderate-income, and very low
income households, respectively, for the longest feasible time, but
for not less than 55 years for rental units, 45 years for home
ownership units, and 15 years for mutual self-help housing units, as
defined in subparagraph (C) of paragraph (1) of subdivision (f) of
Section 62101, except as set forth in paragraph (2). Nothing in this
paragraph precludes the agency and the developer of the mutual
self-help housing units from agreeing to 45-year deed restrictions.
(2) Notwithstanding paragraph (1), the authority may permit sales
of owner-occupied units prior to the expiration of the 45-year
period, and mutual self-help housing units prior to the expiration of
the 15-year period, established by the authority for a price in
excess of that otherwise permitted under this subdivision pursuant to
an adopted program that protects the authority's investment of
moneys from the Low and Moderate Income Housing Fund, including, but
not limited to, an equity sharing program that establishes a schedule
of equity sharing that permits retention by the seller of a portion
of those excess proceeds, based on the length of occupancy. The
remainder of the excess proceeds of the sale shall be allocated to
the authority, and deposited into the Low and Moderate Income Housing
Fund. The authority shall, within three years from the date of sale
pursuant to this paragraph of each home ownership or mutual self-help
housing unit subject to a 45-year deed restriction, and every third
mutual self-help housing unit subject to a 15-year deed restriction,
expend funds to make affordable an equal number of units at the same
or lowest income level as the unit or units sold pursuant to this
paragraph, for a period not less than the duration of the original
deed restrictions. Only the units originally assisted by the
authority shall be counted towards the authority's obligations under
Section 62120.
(3) The requirements of this section shall be made enforceable in
the same manner as provided in paragraph (7) of subdivision (f) of
Section 62101.
(4) If land on which the dwelling units required by this section
are located is deleted from the plan area, the authority shall
continue to require that those units remain affordable as specified
in this subdivision.
(5) For each unit counted towards the requirements of subdivisions
(a) and (b), the authority shall require the recording in the office
of the county recorder of covenants or restrictions that ensure
compliance with this subdivision and shall comply with the
requirements of paragraphs (3) and (4) of subdivision (f) of Section
62101.
(d) Except as otherwise authorized by law, this section does not
authorize an authority to operate a rental housing development beyond
the period reasonably necessary to sell or lease the housing
development.
(e) Notwithstanding subdivision (a), the authority may replace
destroy or remove dwelling units with a fewer number of replacement
dwelling units if the replacement dwelling units meet both of the
following criteria:
(1) The total number of bedrooms in the replacement dwelling units
equals or exceeds the number of bedrooms in the destroyed or removed
units. Destroyed or removed units having one or no bedroom are
deemed for this purpose to have one bedroom.
(2) The replacement units are affordable to, and occupied by, the
same income level of households as the destroyed or removed units.
(f) "Longest feasible time," as used in this section, includes,
but is not limited to, unlimited duration.