General Plan - Moreno Valley

CHAPTER 8 – HOUSINGMORENO VALLEY GENERAL PLANPolicyProgram1.1.02 The RDA Low Income Housing Setaside Fund will be used in a timely manner tofinance programs that will maximize the creation, retention and long-termavailability of affordable lower-income housing. The Economic DevelopmentDepartment/ Redevelopment Agency (EDD/RDA) shall annually specify theprogram uses to which Housing Fund receipts will be dedicated in combinationwith funds that may be available from other sources.The City Comprehensive Affordable Housing Strategy is an extensive analysis of the City ofMoreno Valley’s affordable housing and a plan for use of the setaside. The Strategy alsoidentifies additional resources and programs to meet the Moreno Valley’s affordable housingneeds and responsibilities. On an annual basis, the RDA develops a budget for use of thesetaside funds, in compliance with state spend down requirements.PolicyProgram1.1.03 By March 1, 1992, the Economic Development Department (EDD), in cooperationwith the Planning Department, will recommend an Inclusionary HousingOrdinance to be adopted by the City, that will mandate that all developmentswhich include more than a specified number (to be established) of residential unitscontribute to the City’s balance of affordable housing at all income levels, with thegoal that a minimum percentage of all new housing within the City will beaffordable to low and very-low-income households. Developers contributions maybe in the form of actual construction of affordable units with the project itself,construction of affordable units at another appropriate location or contribution ofappropriate in-lieu fees to the low-Income Housing Fund.UpdateThe Redevelopment Agency’s Comprehensive Affordable Housing Strategy provides anextensive analysis of the extent to which housing is affordable and what programs would bemost appropriate for the City. The City recognizes the importance of providing housing for allincome levels as well as the need to avoid placing onerous requirements that woulddiscourage or impair the private sector from providing affordable housing. Instead ofestablishing an Inclusionary Program, the City has developed a package of incentives tooffset or minimize the cost of providing affordable housing. The incentives, include lowinterest loans for development of new affordable housing, rehabilitation, acquisition, as wellas rent subsidies.Page 8-86 July 11, 2006