General Plan - Moreno Valley

CHAPTER 8 – HOUSINGThe only residential development allowed inthe O and OC designations is seniorhousing. The City provides a 100% densitybonus for the development of housingaffordable to very low-income seniorhouseholds. It is assumed that 1% of allvacant O and OC acreage, withinRedevelopment Project Area couldpotentially develop as housing affordable tovery low-income households. If seniorhousing is developed within theRedevelopment Project Area, theRedevelopment Agency can providefinancial assistance, thus facilitating theproject and meeting State Redevelopmentrequirements. Accordingly, the assumptionthat 1% of all vacant O and OC acreage,within Redevelopment Project Area couldpotentially develop as housing affordable tovery low-income senior households is basedon the Agency’s experience vis-à-vis thefinancial assistance requirements ofaffordable senior housing and theanticipated growth in the senior populationin Moreno Valley.Historically, the Redevelopment Agency ofCity of Moreno Valley has assisted allaffordable housing developments in the cityby making available land and/or housingfunds. 1 However, given the current pace ofdevelopment in the city, it is anticipated thathousing the Agency’s financial participationwill not always be a pre-requisite to thedevelopment of affordable housing. Mostrecently, there has been development ofaffordable multi-family units solely via theuse of the density bonus program. Thus therevised inventory for very low-income units(Table 8-20) and for low-income units(Table 8-21) includes parcels outside theredevelopment area.MORENO VALLEY GENERAL PLANIn the current planning period, the City hasproduced or approved 571 very-low-incomeunits as noted in Table 8-19.8.4.5 Low-Income Housing PotentialIn preparing the inventory for this incomecategory, staff considered the historicaldevelopment in the neighborhoods wherethe vacant land is located, anticipated rentalrates, sales price of existing product andexisting agreements in Specific Plans thatestablishes development parameters thatcould predispose development to a range ofincome categories.Table 8-21 is an inventory of all vacant landthat could potentially develop as housingaffordable to low-income households. 30 Thelow-income housing inventory consists of129 acres both in and outside theredevelopment area zoned for multi-familyhousing and 43 acres zoned for singlefamily housing resulting in a potential 1,717multi-family units and 174 single family unitsaffordable to low-income households. Thetotal vacant acreage in the low-incomerange is 232 acres with a total potentialyield of 1,891 units. See Attachment 2 fora graphic representation of the parcelsnoted in Table 8-21.1 The types of assistance the RedevelopmentAgency makes available include, land writedowns,gap financing, land donations, paymentof development and impact fees.Page 8-37 July 11, 2006