General Plan - Moreno Valley

CHAPTER 8 – HOUSING1999 (Table 8-17). Additional units at riskof conversion have not been built in the city.The Mountain View Apartments was theonly development that had to maintain rentson 20% of the units at levels not to exceed30% of income for lower incomehouseholds. The restrictions on the setaside units expired in 1998. The other fourprojects were also financed with multi-familybond proceeds. However, the bonds for theprojects were issued prior to 1986 and werenot required to set affordable rents basedon 30% of a household’s income. TheMORENO VALLEY GENERAL PLANprojects were only required to lease ormake the units available for lease to lowerincome households. Consequently, theremaining 229 set aside units were nevertruly rent restricted.At this time, the City of Moreno Valley doesnot have units at risk of conversion. Therent restricted units that the city has fundedthrough its Rental Rehabilitation Programare restricted for thirty years and still havebetween twenty-five and twenty-nine yearsleft on their affordability terms.TABLE 8-17Project Name/AddressMountain View Apartments13125 HeacockAshwood Apartments12315 Graham StreetSilverado Village13933 Chagall CourtEl Dorado Pointe12159 Calle SombraAffordable Units in Moreno ValleyLength ofControlsConversionDateTotal # ofUnitsSet AsideUnitsDateBuilt10 Years 1998 140 28 198810 Years 1995 120 24 198510 Years 1996 384 77 198610 Years 1999 312 62 1989TOTAL 1,286 2578.4 PROJECTED HOUSING NEEDS8.4.1 Regional Housing NeedsAllocationUnder State law, each incorporated city isrequired to analyze existing and projectedhousing need and develop animplementation program for its contributionto the attainment of the State housing goals.Furthermore, the projected housing needmust include a locality’s share of regionalhousing needs. State law requires allcouncils of governments to develop regionalallocations of housing needs for all incomelevels. This includes a determination ofcurrent and projected housing needs for theCounty as well as allocated totals at the Cityand County level.Projecting future needs, even for a relativelyshort time in the future, is difficult.Economic cycles and even major economicrestructuring such as was experienced atthe end of the cold war and in the 1990scan cause even the most exhaustiveprojections to unravel. Consequently, theprojections are not static but ever changingand must be adaptable to the social andeconomic needs of a community and theregion at large.Page 8-30 July 11, 2006