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2 3 4 5 6 RESOLUTION NO, 686 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, FINDING THAT PLANNING AND ADMINISTRATIVE EXPENSES FROM THE AGENCY'S LOW AND MODERATE INCOME HOUSING FUNDS FOR THE 2001-2002 FISCAL YEAR ARE NECESSARY FOR THE PRODUCTION, IMPROVEMENT OR PRESERVATION OF LOW AND MODERATE INCOME HOUSING. WHEREAS, pursuant to California Redevelopment Law (Health & Safety Code Section 7 33000 et. seq,) the Redevelopment Agency of the City of Riverside California ("Agency") is 8 required to establish a fund for the purpose of increasing and improving the community's supply of 9 low- and moderate- income housing ("Low and Moderate Income Housing Fund"); and 10 WHEREAS, the Agency has established Low and Moderate Income Housing Funds for II the purpose of increasing and improving the community's supply of low- and moderate- income 12 housing in each of the City's five project areas; and 13 WHEREAS, Health & Safety Code section 33334.3 (d) allows the Agency to use moneys 14 contained in the Low and Moderate Income Housing Funds for planning and general administrative 15 activities associated with the development, improvement and preservation oflow- and moderate- 16 income housing so long as the amount spent on such activities is not disproportionate to the amount 17 actually spent for the costs of production, improvement or preservation of that housing; and 18 WHEREAS, Health & Safety Code section 33334.3 (d) requires that the Agency annually 19 determine that the planning and administrative expenses are necessary for the actual production, 20 improvement or preservation of low- and moderate- income housing in the City of Riverside, 21 NOW, THEREFORE, IT IS HEREBY RESOLVED by the Board of the Redevelopment 22 Agency of the City of Riverside as follows: 23 24 III Section I: That the above re~itals are all true and correct. 25 / II 26 /1/ 27 /1/ City Attorney's Office 3900 Main Street Riverside, CA 92522 (909) 826-5567