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1 <br /> <br />2 <br /> <br />3 <br /> <br />4 <br /> <br />5 <br /> <br /> 6 <br /> <br /> 7 <br /> <br /> 8 <br /> <br /> 9 <br /> <br />10 <br /> <br />11 <br /> <br />12 <br /> <br />13 <br /> <br />14 <br /> <br />15 <br /> <br />16 <br /> <br />17 <br /> <br />18 <br /> <br />19 <br /> <br />20 <br /> <br />21 <br /> <br />22 <br /> <br />23 <br /> <br />24 <br /> <br />25 <br /> <br />26 <br /> <br />27 <br /> <br />RESOLUTION NO. 700 <br /> <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY <br />OF THE CITY OF RIVERSIDE, CALIFORNIA, FINDING <br />THAT PLANNING AND ADMINISTRATIVE EXPENSES <br />FROM THE AGENCY'S LOW AND MODERATE <br />INCOME HOUSING FUNDS FOR THE 2002-2003 FISCAL <br />YEAR ARE NECESSARY FOR THE PRODUCTION, <br />IMPROVEMENT OR PRESERVATION OF LOW AND <br />MODERATE INCOME HOUSING. <br /> <br /> WHEREAS, pursuant to Califomia Redevelopment Law (Health & Safety Code Section <br />33000 et. seq.) the Redevelopment Agency of the City of Riverside California ("Agency") is <br />required to establish a fund for the purpose of increasing and improving the community's supply of <br />low- and moderate- income housing ("Low and Moderate Income Housing Fund"); and <br /> <br /> WHEREAS, the Agency has established Low and Moderate Income Housing Funds for <br />the purpose of increasing and improving the community's supply of low- and moderate- income <br />housing in each of the City's five project areas; and <br /> <br /> WHEREAS, Health & Safety Code section 33334.3 (d) allows the Agency to use moneys <br />contained in the Low and Moderate Income Housing Funds for planning and general administrative <br />activities associated with the development, improvement and preservation of low- and moderate- <br />income housing so long as the amount spent on such activities is not disproportionate to the amount <br />actually spent for the costs of production, improvement or preservation of that housing; and <br /> <br /> WHEREAS, Health & Safety Code section 33334.3 (d) requires that the Agency annually <br />determine that the planning and administrative expenses are necessary for the actual production, <br />improvement or preservation of low- and moderate- income housing in the City of Riverside. <br /> <br /> NOW, THEREFORE, IT IS HEREBY RESOLVED by the Board of the Redevelopment <br />Agency of the City of Riverside as follows: <br /> <br /> Section 1: That the above recitals are all true and correct. <br /> <br /> Section 2: That the planning and administrative expenses for the 2002-2003 Fiscal Year <br />are necessary for the production, improvement and preservation of low- and moderate- income <br />housing in the City of Riverside. <br /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 826-5567 <br /> <br /> <br />