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I 1 RESOLUTION NO. 789 2 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, FINDING THAT PLANNING AND 3 ADMINISTRATIVE EXPENSES FROM THE AGENCY'S LOW AND 4 MODERATE INCOME HOUSING FUNDS FOR THE 2006-2007 FISCAL YEAR ARE NECESSARY FOR THE PRODUCTION, IMPROVEMENT OR 5 PRESERVATION OF LOW AND MODERATE INCOME HOUSING. 6 WHEREAS, pursuant to California Redevelopment Law (Health & Safety Code 7 Section 33000 et. seq.) the Redevelopment Agency of the City of Riverside California 8 ("Agency") is required to establish a fund for the purpose of increasing and improving the 9 community's supply of low- and moderate- income housing ("Low and Moderate Income 10 Housing Fund"); and 11 12 WHEREAS, the Agency has established a Low and Moderate Income Housing Fund for 13 the purpose of increasing and improving the community's supply of low- and moderate- income I 14 housing in the community; and 15 WHEREAS, Health & Safety Code section 33334.3 (d) allows the Agency to use moneys 16 contained in the Low and Moderate Income Housing Fund for planning and general 17 administrative activities associated with the development, improvement and preservation of low- 18 and moderate- income housing so long as the amount spent on such activities is not 19 disproportionate to the amounts budgeted for the costs of production, improvement or 20 preservation of that housing; and 21 WHEREAS, Health & Safety Code section 33334.3 (d) requires that the Agency annually 22 determine that the planning and administrative expenses are necessary for the actual production, 23 improvement or preservation of low- and moderate- income housing in the City of Riverside. 24 NOW, THEREFORE, IT IS HEREBY RESOLVED by the Board of the Redevelopment 25 Agency of the City of Riverside as follows: 26 Section 1: That the above recitals are all true and correct. I 27 28 1