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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 />2O <br /> <br />21 <br /> <br />22 <br /> <br />23 <br /> <br />24 <br /> <br />25 <br /> <br />26 <br /> <br />27 <br /> <br />1 <br /> <br />2 <br /> <br />3 <br /> <br />4 <br /> <br />5 <br /> <br />6 <br /> <br />7 <br /> <br />8 <br /> <br />RESOLUTION NO. 764 <br /> <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF <br />RIVERSIDE, CALIFORNIA, FINDING THAT PLANNING AND <br />ADMINISTRATIVE EXPENSES FROM THE AGENCY'S LOW AND <br />MODERATE INCOME HOUSING FUNDS FOR THE 2005-2006 FISCAL <br />YEAR ARE NECESSARY FOR THE PRODUCTION, IMPROVEMENT OR <br />PRESERVATION OF LOW AND 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 required <br /> to establish a fund for the purpose c, fincreasing and improving the community's supply of low- and <br /> moderate- income housing ("Low arid Moderate Income Housing Fund"); and <br /> <br /> WHEREAS, the Agency has established Low and Moderate Income Housing Funds for the <br />purpose of increasing and improving the community's supply of low- and moderate- income housing <br />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 tree and correct. <br /> <br /> Section 2: That the planning and administrative expenses for the 2005-2006 Fiscal Year are <br />necessary for the production, improw,~ment and preservation of low- and moderate- income housing in <br />the City of Riverside. <br /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(951) 826-5567 <br /> <br /> <br />