Low and Moderate Income Housing Fund
Under State Law, redevelopment agencies must use 20% of their revenues to improve, protect or expand the supply of affordable housing in the community. While the law provides great flexibility of how this is done, over the life of the Agency, a minimum of 15% of all housing developed in the area must be restricted for long-term affordability.
In the spring of 1990 the Redevelopment Agency Board of Directors established the underlying program basis for administering the Low and Moderate Income Housing Fund. Consistent with that program, the Agency has managed programs and financed projects to foster the development of new housing and the redevelopment of existing housing to provide long-term affordability to very low, low and moderate income households. Agency-assisted housing projects have benefited a cross-section of area residents living in a wide range of housing types, including mobile home parks, apartments, and single family homes. In addition to providing financing for a significant number of units, Agency funds have been highly successful in leveraging other public and private funding sources. Agency funds have been used to attract substantial outside funds from State, Federal and private sources. Typically, Agency funds average no more than 20% of the overall financing for a project.
Affordable Housing Database
In accordance with existing law, the Santa Cruz County Redevelopment Agency is tasked with "monitoring" the affordable housing developed or otherwise made available within the County limits. As a part of this monitoring, the Redevelopment Agency requires owners or managers of such housing to submit annual reports containing certain information. Under new legislation [AB 987], the Santa Cruz County Redevelopment Agency must compile and maintain a database of existing, new, and substantially rehabilitated housing units. The database must be made available to the public on the Agency's website and updated on an annual basis. The current AB 987 Database is posted for 2010.