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<br />2 <br />3 <br />4 <br />5 <br /> <br />RESOLUTION NO. 676 <br /> <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF <br />RIVERSIDE, CALIFORNIA, FINDING THAT PLANNING AND ADMINISTRATIVE <br />EXPENSES FROM THE AGENCY'S LOW AND MODERATE INCOME HOUSING <br />FUNDS FOR THE 1999-2000 FISCAL YEAR ARE NECESSARY FOR THE <br />PRODUCTION, IMPROVEMENT OR PRESERVATION OF LOW AND MOD ERA TE <br />INCOME HOUSING. <br /> <br />6 WHEREAS, pursuant to California Redevelopment Law (Health & Safety Code Section <br />7 33000 et. seq.) the Redevelopment Agency of the City of Riverside California ("Agency") is <br /> <br />8 required to establish a fund for the purpose of increasing and improving the community's supply of <br />9 low- and moderate- income housing ("Low and Moderate Income Housing Fund"); and <br /> <br />10 WHEREAS, the Agency has established Low and Moderate Income Housing Funds for <br /> <br />11 the purpose of increasing and improving the community's supply of low- and moderate- income <br /> <br />12 housing in each of the City's five project areas; and <br /> <br />13 WHEREAS, Health & Safety Code section 33334.3 (d) al10ws the Agency to use moneys <br /> <br />14 contained in the Low and Moderate Income Housing Funds for planning and general administrative <br /> <br />15 activities associated with the development, improvement and preservation of low- and moderate- <br /> <br />16 income housing so long as the amount spent on such activities is not disproportionate to the amount <br /> <br />17 actual1y spent for the costs of production, improvement or preservation of that housing; and <br /> <br />18 WHEREAS, Health & Safety Code section 33334.3 (d) requires that the Agency annual1y <br /> <br />19 determine that the planning and administrative expenses are necessary for the actual production, <br /> <br />20 improvement or preservation of low- and moderate- income housing in the City of Riverside. <br /> <br />21 NOW, THEREFORE, IT IS HEREBY RESOLVED by the Board of the Redevelopment <br /> <br />22 Agency of the City of Riverside as follows: <br /> <br />23 Section 1: That the above recitals are all true and correct. <br /> <br />24 Section 2: That the planning and administrative expenses for the 1999-2000 Fiscal Year <br /> <br />25 are necessary for the production, improvement and preservation of low- and moderate- income <br /> <br />26 housing in the City of Riverside. <br /> <br />27 / / / <br /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 782-5567 <br />