HomeMy WebLinkAbout1996-05-08 HC Regular Meeting Agenda Packet POSTED AGENDA
HOUSING ADVISORY COMMITTEE
MAY 8, 1996 - 3:30 P.M.
NORTH WING CONFERENCE ROOM
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
I. CALL TO ORDER
II. ORAL COMMUNICATIONS
A. Any person wishing to discuss any item not otherwise on the Agenda may
address the Committee at this point by giving his/her name and address
for the record. Remarks shall be limited to maximum of five minutes
unless additional time is authorized by the Committee.
B. This is the time and place for any person who wishes to comment on
nonhearing Agenda items. It should be noted that at Committee
discretion, these comments may be deferred until such time on the
Agenda as the item is discussed. Remarks shall be limited to a maximum
of five minutes unless additional time is authorized by the Committee.
III. APPROVAL OF MINUTES OF APRIL 10, 1996 MEETING
IV. NEW BUSINESS
A. Selection of Chairman
B. Review of Policies and Procedures Regarding the Conversion on Mobile
Home Parks to Resident Ownership
V. ADJOURNMENT
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Minutes
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CONVENE 3:30 p.m., Wednesday, May 8, 1996
ROLL CALL Members Present: G. Holmes, J. Richards, W. Winfield
Others Present: J. Benson, T. LaRocca, C. Ortega
ORAL
COMMUNICATIONS The Committee requested Staff to prepare summary
reports of housing production mandates, housing goals;
report on existing housing projects, ongoing projects
and proposed projects, financial commitment to projects
• The Committee was advised that there will be a
Redevelopment Agency presentation before the City
Council, Planning Commission, and the Economic
Development Advisory Committee at 4 p.m. on May 16,
and they are invited to attend.
Committee asked to be informed of any Planning
Commission agenda items for projects relative to
housing.
MINUTES The minutes of April 10, 1996 meeting were approved
by unanimous vote.
Minutes .
MAY 8, 1996 HOUSING ADVISORY COMMITTEE
NEW BUSINESS A. SELECTION OF CHAIRMAN
Jim Richards was nominated as Chairman and Gil
Holmes as Vice Chairman. There being no other
nominations, the nominations were closed. Mr.
Richards and Mr. Holmes were elected by unanimous
vote.
B. REVIEW OF POLICIES AND PROCEDURES
REGARDING THE CONVERSION ON MOBILE
HOME PARKS TO RESIDENT OWNERSHIP
The policies and procedures regarding the conversion
of mobile home parks to resident ownership were
reviewed and discussed and the following
recommendations made:
1. There needs to be a clear definition of
• what constitutes a full-time resident
versus seasonal resident (number of
months in local residency?)
2. Emphasis on commitment by the
occupants to convert versus support by
occupants for conversion. Change
throughout the policies were appropriate.
3. Page 3, item (3) correct spelling of
covenants.
4. Require good faith negotiations between
residents and owner for the sale of the
property supported by a letter of intent to
sell by the park owner to the residents as
part of their proposal package.
•
2
Minutes .
MAY 8, 1996 HOUSING ADVISORY COMMITTEE
L
NEW BUSINESS
(CONTD)
C. FUTURE AGENDA ITEMS
1. Review of policy amendments
2. Review and recommendation to the
Redevelopment Agency on the Mobile
Home Park Conversion Analysis prepared
by PMW
3. Desert Rose Update
ADJOURNMENT Motion was made by J. Richards and seconded by
G. Holmes and unanimously carried to adjourn the
meeting at 4:40 p.m.
t
Carlos L. Ortega
Secretary
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�1 ti fermi..Aeaitte$imerit Afezi,e,
,.., 73-510 FRED WARING DRIVE, PALM DESERT, CALIFORNIA 92260-2578
• TELEPHONE(619)346-0611 FAX(619)340-0574
POLICIES AND PROCEDURES
REGARDING THE CONVERSION OF MOBILE HOME PARKS
TO RESIDENT OWNERSHIP
BACKGROUND
Mobile home parks represent a significant source of affordable housing and community security
for low and moderate income families and senior households, many of which subsist on limited
or fixed incomes.
Conversion of mobile home parks to resident ownership provides an effective means whereby
residents can be assured greater financial stability with respect to housing cost, enhanced control
over the management of their park, and security from the threat of park sale or closure.
Iis" The Palm Desert Redevelopment Agency generally recognizes the benefits of resident-owned
mobile home parks; however, in order to assure that mobile home park conversions work to the
benefit of their residents, these policies and procedures have been developed.
POLICY STATEMENT
It is the policy of the Palm Desert Redevelopment Agency ("Agency")to encourage the
conversion of mobile home parks to resident ownership when the following conditions are met:
(1) The individual or entity sponsoring the conversion provides documentation
evidencing support by at least two-thirds of the mobile home park space
occupants.
(2) The conversion of the mobile home park includes safeguards which guarantee that
no existing mobile home park resident will be displaced physically or
economically by the conversion project or its implementation or operation.
(3) The ownership entity which results from the conversion project agrees to place
non-owned lots (e.g., those occupied by mobile home park residents who do not
wish or cannot afford to purchase their space) under enforceable space rent
restrictions in keeping with the existing City of Palm Desert rent control
• ordinance.
(�^�,RECYCLED PAPER
(4) A mobile home park conversion feasibility report has been submitted to and
• approved by the agency, which includes the following components:
(a) a financial feasibility analysis documenting:
(I) a verified source of permanent financing to be used
to purchase the mobile home park from the existing
owner;
(ii) a verified source of permanent financing to be used
by individual residents in purchasing their spaces;
(iii) a financial analysis which demonstrates that
conversion of the park is financially feasible
without financial assistance or participation by the
City and/or Agency.
(b) documentation verifying the number of residents that have
indicated interest in purchasing their space based on full disclosure
as to estimated purchase cost inclusive of homeowners' association
fees;
• (c) an analysis of demographics within the park relative to income and
housing costs sufficient to verify that residents who have indicated
interest in purchasing spaces will be qualified to do so;
(d) a homeowner's association budget indicating the source and
application of funds to be used to operate the park and assure
adequate capital and debt service reserves on a long term bases;
(e) a management plan for the operation of non-owner occupied
spaces including projected space rents for residents who do not
participate in a purchase program and, as an alternative, intend to
remain tenants within the mobile home park;
(f) a Phase I hazardous waste study reflecting the soils condition
within the park proposed for conversion;
(g) an engineering study indicating the condition of the park
infrastructure including utility systems and common area
improvements. The study should include estimated improvement
costs for rectifying any substandard conditions and completing any
appropriate rehabilitation and identify an appropriate capital
reserve for replacement for purposes of establishing a
homeowner's association budget.
It shall further be the policy to the Agency to consider providing financial assistance,
directly or indirectly, for the conversion of mobile home pars to resident ownership only if
(1) such assistance serves to preserve, create or improve low to moderate income housing
resources, and (2) the following additional conditions are met:
(1) The public participation provided by the Agency is in direct proportion to the
number of low to moderate income residents and very low income residents
within the park.
(2) The mobile home park proposed to be converted represents the sole and full-time
residence of at least two-thirds of the households occupying spaces within the
park.
(3) Housing costs within the park are restricted by long term affordability
ccovenantsin not less than direct proportion to the amount of financial
participation provided by the Agency in accordance with California community
Redevelopment Law.
(4) The proposed mobile home park resident conversion program does not require the
long term ownership or management by the City, Redevelopment Agency or
Housing Authority, or any subdivision of the City, Redevelopment Agency or
Housing Authority.
• PALM DESERT REDEVELOPMENT AGENCY
INTEROFFICE MEMORANDUM
DATE: April 29, 1996
TO: HOUSING ADVISORY COMMITTEE MEMBERS
FROM: MARIA HUNT
SUBJECT: NOTICE OF COMMITTEE MEETING
The next regularly scheduled meeting of the Housing Advisory Committee will be held
on Wednesday, May 8, at 3:30 p.m. in the North Wing Conference Room.
Enclosed is the agenda packet for your review. Also enclosed are copies of the
following documents:
1. Income Limits for Various Categories of Affordable Housing in Riverside County;
2. Report Regarding Excess Tax Increment Revenues, September 1995.
Please call me at 776-6306 and let me know whether or not you will be able to attend
the meeting.
Thank you.
It
INCOME LIMITS FOR VARIOUS CATEGORIES OF AFFORDABLE HOUSING IN RIVERSIDE COUNTY
21-Feb-96
04:58 PM
NOTE 1: This chart is based on HUD income figures as of January, 1996.
`'81". NOTE 2: HUD income limits are slightly different because of rounding in their calculations.
INCOME %OF NUMBER OF PERSONS IN FAMILY
CATEGORY MEDIAN 1 2 3 4 5 6 7 8
Very low 30% $9,090 $10,395 $11,685 $12,990 $14,025 $15,075 $16,110 $17,145
Very low 35% $10,605 $12,128 $13,633 $15,155 $16,363 $17,588 $18,795 $20,003
Very low 40% $12,120 $13,860 $15,580 $17,320 $18,700 $20,100 $21,480 $22,860
Very low 45% $13,635 $15,593 $17,528 $19,485 $21,038 $22,613 $24,165 $25,718
Very low 50% $15,150 $17,325 $19,475 $21,650 $23,375 $25,125 $26,850 $28,575
Lower 55% $16,665 $19,058 $21,423 $23,815 $25,713 $27,638 $29,535 $31,433
Lower 60% $18,180 $20,790 $23,370 $25,980 $28,050 $30,150 $32,220 $34,290
Lower 65% $19,695 $22,523 $25,318 $28,145 $30,388 $32,663 $34,905 $37,148
Lower 70% $21,210 $24,255 $27,265 $30,310 $32,725 $35,175 $37,590 $40,005
Lower 75% $22,725 $25,988 $29,213 $32,475 $35,063 $37,688 $40,275 $42,863
Lower 80% $24,240 $27,720 $31,160 $34,640 $37,400 $40,200 $42,960 $45,720
Medium 85% $25,755 $29,453 $33,108 $36,805 $39,738 $42,713 $45,645 $48,578
Medium 90% $27,270 $31,185 $35,055 $38,970 $42,075 . $45,225 $48,330 $51,435
Medium 95% $28,785 $32,918 $37,003 $41,135 $44,413 $47,738 $51,015 $54,293
MEDIAN 100% $30,300 $34,650 $38,950 $43,300 $46,750 $50,250 $53,700 $57,150
Moderate 105% $31,815 $36,383 $40,898 $45,465 $49,088 $52,763 $56,385 $60,008
Moderate 110% $33,330 $38,115 $42,845 $47,630 $51,425 $55,275 $59,070 $62,865
Moderate 115% $34,845 $39,848 $44,793 $49,795 $53,763 $57,788 $61,755 $65,723
• Moderate 120% $36,360 $41,580 $46,740 $51,960 $56,100 $60,300 $64,440 $68,580
ALLOWABLE INCOME LIMITS FOR A FAMILY OF FOUR IN RIVERSIDE COUNTY
I $55.000 $55.000
I $50.000 $50.000
$45.000 Median i'lcome = $43,300 $45.000
$40.000 - $40.000
1 co
F_- 1-
1-„. • $35.000 $35.000 cri
0 2
J J
w g $30.000 $30.000 0 w
O ,c• O • 00
U ,C $25.000 $25.000 b Z
Z
$20.000 - $20.000
$15.000 $15.000
$10.000 $10.000
30% 40% 50% 60% 70% 80% 90% 100% 110% 120%
35% 45% 55% 65% 75% 85% 95% 105% 115%
PERCENT OF ALLOWABLE MEDIAN INCOME "PDAH1"
•
"FA PDA1/ROSE1"
I 21-Feb-96 ..."FA_PDA1"... Prepared by REASCO - P.O. Box 2809, Palm Desert, CA 92261; (619) 340-1429.
• REPORT REGARDING EXCESS TAX INCREMENT REVENUES
SEPTEMBER, 1995
This Report (the "Report") has been prepared pursuant to paragraph 2 of the Stipulation for
Entry of Judgment in Case No. Indio 51143, entitled City of Palm Springs v. All Persons Interested
(the "Stipulation"). The purpose of this Report is to set forth facts and projections upon which the
Palm Desert Redevelopment Agency (the "Agency") may make a finding that certain amounts of tax
increment revenues, as identified in this Report, are not and will not be necessary to meet the
housing requirements set forth in the Stipulation and more fully described below, and that such tax
increment revenues may be pledged on an annual basis to pay annual debt service requirements on
bonds, notes, or other obligations or indebtedness of the Agency to finance redevelopment activities
other than housing.
1. According to the last equalized assessment roll of the County of Riverside, the
assessed value of taxable property in each of the Project Areas of the Agency is as follows:
PALM DESERT REDEVELOPMENT PROJECT'
1995-96 EQUALIZED ASSESSED ROLL
Secured&Utility Unsecured Total Assessed
Value
Project Area No. 1 Original Territory $469,622,294 $67,622,294 $537,244,588
Project Area No. 1 Amended Area $1,722,164,893 $23,258,810 $1,745,423,703
Project Area No.2 S597,017,718 $6,845,854 $603,863,572
Project Area No. 3 S180,201,429 $23,221,958 $203,423,387
Project Area No.4 $693,201,292 $1,831,211 $695,032,503
Attachment No. 1 to this Report are documents received by the Agency from the County of
Riverside's (the "County")Auditor-Controller which confirms the above-described amounts.
e
palmdstVugp an 1 12/7/95
2. During the last several fiscal years, the net assessed value of taxable property for each
of the Project Areas of the Agency has increased as follows:
PALM DESERT REDEVELOPMENT AGENCY
PALM DESERT REDEVELOPMENT PROJECT AREAS
ASSESSED VALUATION HISTORY°
• Irked PROJECT ARIA NO.I PROJECT ARIA NO.I
You ORIGINAL TERRITORY Gnu* AMENDED ARIA Gwa PROJECT ARIA NO.2 Grow* PROJECT AMA NO.I Gewea PROJECT ARIA NO.a G.
1985-86 S301,032,783 5976,%8,289 (not available) (not available) (not available)
1986-87 S329,193,372 9.35% S1,054,219,473 791% S102,157,186 baseyr (not available) (not available)
198748 5360,380,256 9.47% S1,106,840,081 4.99% (not available) (not available) (not available)
I988-89• S356,789,397 -I.00Y. S1,141,345,276 3.12% S267,444,268 (not available) (not available)
1989-90 $397,104,031 11.30% S1,278,633,404 1203% S345,058,63I 29 02% (not available) (not available)
1990-91 S443,241,598 11.624 S1,403,837,206 9.79% S431,794,716 25.14% S152,824,265 base yr. (not available)
1991-92 S460 970,175 4.00% S1,515,782,443 7 97% S516,031,260 19.51% S158,703,458 estimate (not available)
1992-93 S476,509,811 3.37% $1,612,292,706 6.37% S542,212,121 507% S185,318,169 16 77% 587,462,305
base yr
1993-94 S504,139,473 5.80% S1,692,432,395 4.97% S5133,724,579 7.66% S191,012,915 3.07% 610,960,797 4.00Y.
estimate
1994-95 S508,383,101 0.84% S1,735,805,615 2.56% 5565,046,462 -3.204 S192,765,917 0.92% 666,027,711 9.01%
1995-96 S536,921,330 5.61% 51,745,423,703 0.55% S603,863,572 6.17% S203 423,387 5.53% 695,032,503 4.35%
wq wed pe..rw re• 6.04% 4.0,3% 9.01% 637% 5.79%
New •Devnse u memo/raise L de reek el4IiYigiw t m reword the aairy adlry vale free the aeeauwf museum red
Attachment No. 2 to this Report are documents received by the Agency from the County
which confirm the assessed values of secured and unsecured property for the identified years.
The average percentage increases in assessed valuation of taxable property over the prior
eleven (11) year period described above are as follows: for the Original Territory, 6.04%; for the
Added Territory, 6.03%. Project Area No. 2, the average percentage increase over the seven (7)year
time period illustrated above is 9.01%, and over the four (4) year for Project Area No. 3 the average
increase is 6.57% and Project Area No. 4's average growth for the last three (3)years is 5.79%.
thr The Redevelopment Plan for Project Area,Vo. 2 established a base year assessment roll of fiscal year /986-87,for Project Area No. 3 the
Redevelopment Plan established a base year assessment roll of fiscal year /990-91 and the Redevelopment Plan for Project Area No. 4
established a base year assessment roll of 1992-93.
palmdst\hsgplan 2 12/7/95
New construction activity continues in all Project Areas. The City of Palm Desert's Building
• Department has estimated that construction activity will increase the assessed value of the 1996-97
equalized roll as follows:
Project Area No. 1 Original Area $0
Project Area No. 1 Amended Area $28,500,000
Project Area No. 2 $8,000,000
Project Area No. 3 $9,000,000
Project Area No.4 $29.000,000
Total $74,500,000
Assuming that the extraordinary growth in assessed valuation experienced by the City over
the past ten (10) years will slow somewhat, the Agency has conservatively estimated future growth.
Projections contained in this Report utilize the following growth rates; for Project Area Nos. 1, 2 and
3 a three percent (3%) annual growth rate was applied to secured value for years two (2) and three
(3) (1996-97 through 1997-98), a five percent (5%) growth rate for years four (4) through ten (10)
(1998-99 through 2004-05), and a six percent (6%) growth rate thereafter. For Project Area No. 4, a
four percent (4%) annual growth rate was applied to years two (2) and three (3) (1996-97 through
1997-98) with a six percent(6%) growth rate applied to all years thereafter. Growth in the unsecured
assessment roll for all Project Areas has been estimated at one percent (1%) per annum for the term
of the projections.
palmdAgplan 3 12/7/95
•
Based upon the foregoing, the future assessed value of taxable property in each of the Project
tilir Areas is projected as follows:
PALM DESERT REDEVELOPMENT AGENCY
Projected Assessed Values
Fiscal Year Secured Development Unsecured TOTAL Base Year Incremental
&Utility Value VALUE Value Value
PROJECT NO. 1(ORIGINAL)
1995-96 469,622,294 67,299,036 536,921,330 27,485,836 509,435,494
1996-97 483,710,963 0 67,972,026 551,682,989 27,485,836 524,197,153
1997-98 498,222,292 68,651,747 566,874,038 27,485,836 539,388,202
1998-99 523,133,406 69,338,264 592,471,670 27,485,836 564,985,834
1999-2000 549,290,077 70,031,647 619,321,723 27,485,836 591,835,887
2000-01 576,754,580 70,731.963 647,486,544 27,485,836 620,000,708
PROJECT NO. 1(AMENDMENT)
1995-96 1,722,164,893 23,258,810 1,745,423,703 656,065,059 1,089,358,644
1996-97 1,773,829,840 28,500,000 23,491,398 1,825,821.238 656,065,059 1,169,756,179
1997-98 1,856,399,735 1,875,000 23,726,312 1,882,001,047 656,065,059 1,225,935,988
1998-99 1,951,188,472 1,875,000 23,963,575 1,977,027,047 656,065,059 1,320,961,988
1999-2000 2,050,716,645 1,875,000 24,203,211 2,076,794,856 656,065,059 1,420,729,797
2000-01 2,155,221,228 0 24,445,243 2,179,666,471 656,065,059 1,523,601,412
PROJECT NO.2
1995-96 597,017,718 6,1145,854 603,863,572 102,157,447 501,706,125
1996-97 614,928,250 8,000,000 6,914,313 629,842,562 102,157,447 527,685,115
1997-98 641,616,097 6,983,456 648,599,553 102,157,447 546,442,106
1998-99 673,696,902 7,053,290 680,750,192 102,157,447 578,592,745
1999-2000 707,381,747 7,123,823 714,505,570 102,157,447 612,348,123
2000-01 742,750,834 7,195,061 749945,896 102,157,447 647,788,449
PROJECT NO.3
1995-96 180,201,429 23,221,958 203,423,387 149,523,255 53,900,132
1996-97 185,607,472 9,000,000 23,454,178 218,061,649 149,523,255 68,538,394
1997-98 200,445,696 23,688,719 224,134,415 149,523,255 74,611,160
1998-99 210,467,981 23,925,607 234,393,587 149,523,255 84,870,332
1999-2000 220,991,380 24,164,863 245,156,242 149,523,255 95,632,987
2000-01 232,040,949 24,406 511 256 447,460 149,523.255 106,924.205
PROJECT NO.4
1995-96 693,201,292 1,831,211 695,032,503 587,192,218 107,840,285
1996-97 720,929,344 29,000,000 1,849,523 751,778,867 587,192,218 164,586,649
1997-98 779,926,517 40,938,136 1,868,018 822,732,672 587,192,218 235,540,454
1998-99 870,116,533 40,938,136 1,886,699 912,941,367 587,192,218 325,749,149
1999-2000 965,717,949 40,938,136 1,905,566 1,008,561,650 587,192,218 421,369,432
2000-01 1,067,055,450 40,938,136 1,924,621 1,109,918,207 587,192,218 522,725,989
TOTAL ALL PROJECTS
1995-96 3,662,207,626 0 122,456,869 3,784,664,495 1,522,423,815 2,262,240,680
1996-97 3,779,005,868 74,500,000 123,681,438 3,977,187,305 1,522,423,815 2,454,763,490
1997-98 3,976,610,337 42,813,136 124,918.252 4,144,341,725 1,522,423,815 2,621,917,910
1998-99 4,228,603,293 42.813,136 126.167,435 4,397,583,864 1,522,423,815 2,875,160,049
1999-2000 4,494,097,798 42,813,136 127,429,109 4,664,340,042 1,522.423,815 3,141,916,227
2000-01 4,773,823,041 40,938,136 128,703,400 4,943,464,577 1.522.423,815 3,421,040,762
palmdst\hsgplan 4 12/7/95
3. The base year assessment roll for each of the Project Areas is identified in the above
table.2
For purposes of this Report, the actual tax rate levy has been utilized as shown on
Attachment 7. For Project Areas No. 3 and 4 the general levy of 1.00% has been assumed. Such tax
rates levied on the projected incremental increase in assessed valuation of taxable property would
produce gross tax increment revenues as follows:3
Palm Desert Redevelopment Agency
ALL PROJECT AREAS
Projected Gross Tax Increment Revenues'
►nj.n 744.1 Project N4.1 Project N4.1 Inject N..1 9..jea.N.4 COAO17400 COI110410
Origami A41404444 (A06.07) (C.4 00149)
Arms
1994-95 5,172.322 10.941.006 4,617,472 432.553 7U-355 21.915.707 21.918.707
I 1993.96 5436.110 10.134.106 5,035.599 539.130 1.071403 22544.771 H.933.485
2 1996.97 5.603,414 11636.665 5,215.363 615.513 1.643.166 24,716.891 69,720.376
3 1997-91 5.755.391 12,1915.336 3,012.906 715.162 2.355.623 26375101 96,295.571
4 1995-99 6.011,370 13.114.446 5.804.412 119,700 3,257.491 29.107.420 125.402,998
5 1999-00 6179.171 11.139.967 6.141.966 959.370 4.213.694 31774.169 157.177.167
6 2000-01 6.561.319 15.115,255 6,496.369 1,114,423 5.22710. 34314.131 193762,691
7 2001-02 6.356.970 16164.043 6.363.464 1.235.141 6,301.630 37316153 229.20.951
I 2002-03 7.166.910 17396.770 7,259.135 1.361,791 7,440,152 40,625,061 269.914.012
9 2003-04 7192.061 11336,119 7,669311 1,494.610 1,231113 43.480313 313,394.395
10 2004-03 7.133.131 19134.925 1099.963 1,661,443 9,013.120 46313395 359,907,790
11 2005-06 1261.171 21.401.351 3.642,405 1,01,191 901174 50,130291 410,031.00
12 2006.07 1,714,472 13.076.114 9.217.354 2023362 10,9301Y 53,963,660 461.001.741
13 200701 9.194.599 24.144066 9,126 762 2.223.636 11.437399 51,026463 522.021111
14 2006-09 9.703,159 26711.009 10,472.696 2433.677 13004147 62331467 514360,671
IS 2009-10 10141153 2.704.375 11.157347 1656.110 14,134496 66.196160 651,256.939
16 2010-1 I 10.112/16 30.109.910 11,03 039 2391.921 15,335.90 71,733303 722.990.242
17 2011.12 11,416.970 33.041.764 12652.232 3,141.662 16607357 76159.915 799.150.227
11 201I-I3 12057332 33.407,515 13.467338 3,406,253 17,953.040 12,293,679 02.143.906
19 2013-14 12,735.721 37915,191 14,331.723 3.686314 19,313.574 0.052799 970,196,705
20 2014-15 13.451416 40.573.323 13247716 3,913,397 20,197108 91.156.165 1,064.333.570
21 2015-16 14115.129 43390.932 16,113,129 4.291191 22,50105 100.626.367 1.164 910.137
I2 I016.17 15.022.521 16.377,571 17,247 756 4.631.721 24.201157 107,483.139 1.271463.976
23 2017.10 15.177103 49.543 408 11.331311 4.915,021 26.007.700 114.731,923 1,717.215 904
24 2011-19 16,712,732 52.199,174 19191.121 5.3593/4 2/.919337 121.455.476 1.509,671.310
25 2019-20 17742115 36.456,272 20,720,400 5,736.056 29,943.662 130,620.605 1.610.291.913
26 2020.21 11,751.123 60176.711 21019.463 6,176313 31093.531 139.273.004 1,779.566.919
27 2021-22 19.136.000 64123.505 23.396,427 6.621.712 34,370.309 141.40022 1.921.015.012
21 2022.23 20.977.376 61.460,011 24.131,964 7.093,756 36.713.657 153.170.771 2,016.185,713
29 2013.24 22.186.799 72.430.707 26,403.030 7,593.197 39,341.791 161,476127 2131,662.009
30 2014-25 23.463.347 77,710.121 21.042174 1,123.196 42053.e07 179399.346 1434.061355
31 2025.16 14./26343 12756.529 29,731,064 1,683341 44,927,703 190.977.111 2.625,031536
3I 2026-27 26365370 1110416
2 71.67330 9,210.730 47,974.411 203.249.010 2123.217.346
33 2027-21 27,790,215 93,771,216 37,576.435 9,911174 51101944 216156,463 3,044,344.009
34 2020-29 Z9.406236 49.713,753 35.616.300 10,579,904 34.627.2 0 230.043,673 3.274.517,613
35 2029-30 31.111,612 104153.773 37,140.722 1110110 31,253.960 144,657,411 3319145,100
36 2030-31 32,933.401 111105.977 40,166350 12031,991 6110134/ 260.147112 3,779,392333
37 2031-32 31,1.56.545 120.063.297 4263110 12134.596 6617930/ 276,565,026 4,055,951,209
33 2032-33 36.091.594 127.650.040 45.245.040, 13,677.765 70301.21/ 293161764 1.349.926.973
39 2033-34 39.054,445 135.691.971 41.015.024 14,571359 75,011353 312,415,152 4,662342115
40 2034-35 41,313,400 114116,402 50,951,115 15,511,400 79,931273 331,967.519 4,994.309.715
41 2035-36 43,769101 153151220 54,063322 16,522.094 15.085.535 352.691.432 5347.002147
42 2036-37 46310,034 162130.295 57,362110 17.515,0)9 90,311.6)0 374.660.017 3,721,661,164
43 2037J1 49.061.651 172912.973 60.030.911 11713.235 96,315.055 397.941902 6.119.607.0E6
. 44 2033-39 51.952131 113.744.794 64,565.506 19.901.101 102.453.483 422626.116 6.542,233,111
15 2039-40 53.012348 ' 193.132.307 61,491371 21,174412 101.953.723 143,717432 6.991.020,615
46 2040-41 51155.968 207.241153 72,633,916 IWA IWA 331.159,137 7,329.179.752
47 2041.42 61.69J 472 220.061.691 77,073130 IWA RYA 351.121449 7.60.004.201
0 204243 65316 700 211 643 171 II 752 412, IWA IWA 310,737321 1 061 745 323
Totals 1 117 561 104 3 694 9'1 007 1 334 664 642 317 417 016 1 609 176'33 8 064 743 171,
N3'V 2 49'. 323196 760 1 003 046 124 372 240.591 0 636 445 452 947 06' 7 240 117 101
M.ar 'Fa Pfl.n MOP 212 vows I+wr 1 ile Saw.Z Vela.6/•crawl a.a.../ar PEN 9IJM pre mom.wan 4 inn".J w Oa per aom=mm1
vo.n II 1.16049 ea A%Jw wawa".Fs.Prq.st va 4.4Mr..4 nos w.YdJ.r.i.I w'a9I•2 mead OM per.mmix.w9M..G,monw.I.r..A.ell
Fga+A..w may M 1a I%r svon •
Gomm No w..s.-.4.vo a.4w..a+.a/w Y.r. so am*neiparrearmei w.aa9•.w<.^Am,.
2 Year number 1 (1995-96) actual tax Increment revenue figure is based on the Riverside County Auditor Controller Report of.4ssessed
Valuation. Base,'ear values are adjusted by the County Auditor-Controller's Office from time to time. The Base Year values identified are
Itopr
the adjusted values per the most recent reports from the Auditor-Controller's Office.
3 Before housing set-aside or taxing agency pass through amounts have been deducted.
palmdstJucplan 5 12/7/95
The amounts of tax increment revenues to be set-aside into the Low and Moderate Income
Housing Fund (the "Housing Fund") of the Agency pursuant to Health and Safety Code Sections
33334.2 and 33334.6 are as follows:
Palm Desert Redevelopment Agency
Projected Housing Fund Revenues
gone No.I �nKtf No.1 i frond Na-3 i ho�at Na.3 1 h.nct No.4 Deb Seim. COMIINID COMILN!D
o n_ AOaN i I Meer IA....a7) (C.rarlatWel
1
1994-95 1,132,704 2,189,601 929,494' 36,511 , 157,67i 731,005 3,764,976 3,764,976
11995-96 1,137,911 2208,822' 1,007,120 i 107,826 215,681 690,213 3,987,146 7,752,123
2 1996-97 1,200,505 2,369,615 I 1,043,073 i 137,103 I 329,173 650,208 4,429,260 12,181,383
3 1997-98 1,232,766 2,481,973 I 1,096,531 I 157,032 471,081 670,E5E 4,768,576 16,949,959
4 1998-99 1,266,187 2,672,024 I 1,160,882 177,940 I 651,498 669,758 5,258,773 22,208,732
5 1999-00 1,322,501 2,871,559 I 1,228,393 199,874 i 342,739 672,223 5,796,767 28,005,499
6 2000-01 1,381,572 3,081,053 I 1,299,274 1 222886; 1,045,452 668,300 6,367,298 34,372,797
7 2001-02 1,443,534 3.297.251 1,373.693 I 247,02E i 1,260.326 662,938 6,960,985 41,333,781
8 2002-03 1,508,533 3,524.240 1,451,827; 272,359 I 1,488,090 660.84E 7,583,092 48,916,873
9 2003-04 1,576,720 3,762,559 1,533.862' 298,936 I 1,647,643 661,95E 8,153,497 57,070,370
10 2004-05 1,648,253 I 4,012,773 1,619,993 I 332,299 I 1,816,766 666,222 8,764,706 65,835,077
II 2005-06 1,723,300 4,327,918 1,728,481 ' 367,63E! 1,996,035 665,37E 9,474.926 75,310,003
12 2006-07 ' 1,817,458 4,661,945 1,843,471 405,072 I 2,186,058 668,445 10,262.411 85,572,414
13 2007-08 1,917,184 5,015,989 1,965,352 I 444,727; 2,387,480 651,593 I I,078,111 96,650,525
14 2008-09 2,022,812 5,391,249 2,094.539 1 486,735 2,600,985 652,621 12,596,321 109,246,846
IS 2009-10 ' 2,134,695 5,788,999 I 2,231,469 331,23E 2,827,299 0 13,513,700 122,760,546
16 2010-11 2,253,208 6,210,587 I 2,376,60E 578,384 3,067,190 14,485,976 137,246,523
17 2011-12 2,378,747 1 6,657,444 I 2,530,446 628,332 3,321,471 15.516,441 152,762,964
18 2012-13 2,511,733 7,131,085 2,693,508 681,251 3,591,00E 16,608,585 169,371.549
19 2013-14 2,652,613 7,633,117 2,866,344 737,317 3,1176,715 17,766,106 187,137,655
20 2014-15 2,801,859 8,165,244 3,049,543 796,719 4,179,562 13,992,927 206,130,582
21 2015-16 2,959,971 8,729,271 3,243,726 859,65E 4,500,577 20,293,204 226,423,7E6
22 2016-17 3,127,432 9,327,111 3,449,551 926,346 4,340,851 21,671,341 248,095,127
23 2017-18 3,304,955 9,960,793 3,667,718 997,006 5,201,540 23,132,011 271,227,13E
24 2018-19 3,492,935 10,632,467 3,898,966 1,071,877 5,583,867 24,680,162 295,907,300
25 2019-20 3,692203 11,344,413 4,144,080 I,I31 211 5,489,132 26,321,042 322,228,342
26 2020-21 3,903,287 12,099,046 4,403,893 1,235,277 6,418,711 28,060,214 350,2E8,556
27 2021-22 4,126,941 12,898,92E 1 4,679,285 1,324,356 6,874,062 29,903,573 380,192,129
28 2022-23 4,363,920 13,746,773 4,971,193 1,418,751 I 7,356,731 31,857,368 412,049.497
29 2023-24 4,615,023 14,645,459 5,280,606 1,513,779 I 7,868,359 33,928,225 445,977,723
30 2024-25 4,881,096 15,598,035 5,608,575 1,624,779 8,410,681 36,123,166 482,100,839
31 2025-26 5,163,036! 16.607,735 5,956,213 1,737,108 I 8,985,541 38,449,633 520,550,522
32 2026-27 5,461,795 j 17,677,986 6,324,700 1,856.146 I 9,594,890 40,915,517 561,466,03E
33 2027-28 5,778,381 18,812,420 6,715,287 1.982,295 10,240,797 43,529,180 604,995,219
34 2028-29 6,113,863 20,014,890 7,129,300 2.115,981 10,925,456 46,299,489 651,294,708
35 2029-30 6,469,372 i 21.289,475 7,568,144 2,257,656 11,651,192 49,235,839 700,530,547
36 2030-31 i 6,846,110 i 22,640,503 8,033,310 2.407,800 14420,470 52,348,192 754878,739
37 2031-32 7,245,350 I 24,072,560 8,526,376 4566,919 13,235,902 55,647,107 808,525,846
38 2032-33 7,668,440 25,590,508 9,049,016 2,735,553 14,100,257 59,143,774 867,669,619
39 2033-34 8,116,811 27,199,499 9,603,005 2,914,272 15,016,471 62,850,057 930,519,676
40 2034-35 3,591,978 23,904,996 10,190,223 3,103,680 15,987,655 66,778,531 997,298,20E
41 2035-36 9,095,548 30,712,789 10,812,664 3,304,419 17,017,107 70,942,527 1,068,240,735
42 2036-37 9,629,224 32,629,015 11,472,442 3,517,16E 18,1011,324 75,356,173 1,143,596,908
43 2037-38 10,194,812 34,660,180 12,171,796 3,742,647 I 19,265,011 E0,034,446 1,223,631,354
44 2038-39 1 10,794,225 36,313,180 12,913,101 3,931,620 I 20,491,097 84,993,223 1,303,624,577
45 2039-40 I 11,429,491 39,095,325 13,698,874 4,234,896 1 21.790,745 90,249,331 1,398,873,908
Totals I 192,998,391 606.968.803 219,706.505 ' 62,396.897 1 321,677,676 1,395,108,932
Amounts necessary to pay annual debt service for prior indebtedness of the Low and
Moderate Income Housing Fund have been identified in the column labeled "Debt Service Pledge"
and subtracted from the column labeled "Combined (Annually)".
liar 4 The Original Territory of Project Area No. /sets aside twenty-two percent(22%)of all tax increment revenue generated from the area rather
than twenty percent(20%).
palmdsllhstpian 6 12.7'95
4. Under paragraph 1 of the Stipulation, the Agency is obligated to acquire by December
31, 1992, not less than 21 housing units to be occupied by and available at affordable housing costs
to very low income households and not less than 78 housing units to be occupied by and available at
affordable housing costs to lower income households. To date, the Agency has acquired 322 of such
very low income units, 224 of such lower income units and 143 of such moderate income units. In
August of 1994, the Agency issued bonds payable from its low and moderate income housing fund to
provide take-out financing for the construction of 161 single family homes, 120 of which will be
made available to persons and families of low and very low income with an additional 41 for
moderate income. Existing housing conditions within the Coachella Valley have determined that
affordable moderate income housing is actually market rate housing . Because of this there is no
need to subsidize moderate income housing. The Agency is therefore in a position to make available
the 41 single family homes previously slated for moderate income to low income households and the
215 currently vacant reserved moderate units to very low and low income households. The
Stipulation also , obligates the Agency to acquire, develop or rehabilitate by December 31, 1995, 366
housing units to be occupied by and available at affordable housing costs to very low income
households, 367 housing units to be occupied by and available at affordable housing cost to lower
income households, and 367 housing units to be occupied by and available at affordable housing cost
to moderate income households. In addition, upon completion of the acquisition, development or
rehabilitation of the required housing units and upon their reaching a 90 percent occupancy level, the
Agency is obligated to acquire, develop or rehabilitate 100 housing units to be occupied by and
available at affordable housing cost to very low income households and 60 housing units to be
occupied by and available at affordable housing cost to lower income households.
5. Attachment No. 3 to this Report is a copy of the existing and future housing needs for
very low, lower and moderate income households in the City of Palm Desert as forecast by the
Southern California Association of Governments. Attachment No. 4 to this Report is a copy of the
existing and future housing needs for such households as set forth in the Housing Element of the
General Plan of the City, which has been revised in accordance with Government Code Section
65588(b).
palrtdsuhsgpian 7
i v7i9s
Based upon the 1989-945 Required Housing Needs Assessment of the Southern California
Association of Governments and the Housing Element of the General Plan of the City, the projected
existing and future housing needs for such households are as follows:
HOUSING NEEDS ASSESSMENT
SOUTHERN CALIFORNIA ASSOCIATION OF GOVERNMENT
CITY OF PALM DESERT HOUSING ELEMENT
OF THE GENERAL PLAN
YEAR Very Low Lower Moderate
1990-91 195 234 85
1991-92 195 234 85
1992-93 195 234 85
1993-94 195 234 85
1994-95 33 41 38
1995-96 34 40 37
1996-97 33 41 38
1997-98 34 40 37
1998-99 33 41 38
' 1999-00 34 41 37
2000-01 28 35 33
2001-02 29 34 32
2002-03 28 35 32
2003-04 29 34 32
2004-05 28 35 32
2005-06 29 34 32
1 II 2006-07 28 35 32
2007-08 29 34 32
2008-09 28 35 32
2009-10 29 34 32
2010-11 13 16 15
2011-12 13 16 15
2012-13 13 16 15
2013-14 13 16 15
2014-15 13 16 15
2015-16 13 16 15
2016-17 13 16 15
2017-18 13 16 15
2018-19 13 16 15
2019-20 13 16 15
2020-21 13 16 15
1,409 1,701 1,051
5 The required housing needs assessment for 1994-99 has yet to be completed by the Southern California Association of Governments.
palmdstUugplan 8 12/7/95
•
6. Attachment No. 5 to this Report is an analysis which has been prepared with the
tcooperation of the Riverside County Housing Authority. Exhibits 1, 2 and 3 to Attachment No. 5 are
operating "pro formas" which reflect actual experience of the Housing Authority. Exhibit 4 to
Attachment No. 5 sets forth the total estimated amounts necessary to subsidize housing available at
affordable cost to households at the more restrictive income levels for the applicable time periods set
forth in the Stipulation. Those income levels require that for housing units to be made available to
very low income households, at least one-third of the housing units shall be affordable to households
with 35 percent or less of median income, with the remainder affordable to households, with 45
percent or less of median income. Those income levels require that for housing units to be made
available to lower income households, at least one-third of the housing units shall be affordable to
households with 55 percent or less of median income, one-third to households with 65 percent or less
of median income and the remainder to households with 75 percent or less of median income. These
income levels further require that for housing units to be made available to moderate income
households, the units shall be at least affordable to moderate income households who cannot afford
housing at market rates. The estimates set forth in Exhibit 4 to Attachment No. 5 are in turn based
upon the actual experience of the Housing Authority as reflected in Exhibits 1, 2 and 3. The analysis
in Exhibit 4 to Attachment No. 5 also takes into account the costs of developing, maintaining and
managing the housing units. Based upon the estimates and projections set forth in Attachment No. 5,
the estimated total amounts necessary to meet the obligations of the Agency to acquire, develop or
rehabilitate housing units for occupancy by households at the income levels specified above, as
compared to amounts available in the Low and Moderate Income Housing Fund to meet those
obligations, are as follows:
111.
palmdstkhsgpLut 9 12/7/95
PALM DESERT REDEVELOPMENT AGENCY
HOUSING FUND REVENUES
AS COMPARED TO ANNUAL HOUSING OBLIGATIONS
FOR ALL INCOME LEVELS
FISCAL HOUSING FUND COMBINDED ALL ANNUAL HOUSING HOUSING FUND
YEAR BEGINNING ANNUAL DEPOSITS OTHER INCOME OBLIGATIONS ENDING
BALANCE LESS DEBT SERVICE BALANCE
1 1995-96 746,888 3,987,146 10,206,723 14,833,828 106,929
2 1996-97 1,106,929 4,429,260 - 504,277 5,512,592 527.875
3 1997-98 1,527,875 4,768,576 121,115 5,598,540 819,026
4 1998-99 644,657 5,258,773 85,786 5,685,704 303,513
5 1999-00 129,144 5,796,767 1,987,166 5,575,144 2,337,932
6 2000-01 2,159,497 6,367,298 146,380 6,502,925 2,170,249
7 2001-02 1,982,321 6,960,985 139,293 7,568,112 1,514,487
8 2002-03 1,347,203 7,583,092 113,888 7,773,771 1,270,411
9 2003-04 1,094,089 8,153,497 103,764 8,181,974 1,169,376
10 2004-05 998,764 8,764,706 99,951 8,992,792 870,629
11 2005-06 697,463 9,474,926 87,899 9,906,300 353,988
12 2006-07 177,654 10,262,411 67,106 10,522,576 (15,405)
13 2007-08 (203,556) 11,078,111 51,858 11,641,700 (715,288)
14 2008-09 (892,274) 12,596,321 24,309 11,763,756 (35,399)
15 2009-10 (862,385) 13,513,700 25,505 12,388.828 287,992
16 2010-11 113,623 14,485,976 64,545 14,517,007 147,138
17 2011-12 (27,231) 15,516,441 58,911 15,148,384 399,737
18 2012-13 225,368 16,608,585 69,015 16,783,056 119,911
19 2013-14 (54,458) 17,766,106 57,822 17,921,121 (151,651)
20 2014-15 (326,020) 18,992,927 46,959 18,562,683 151,183
21 2015-16 (23,186) 20,293,204 59,073 19,707,848 621,242
22 2016-17 446,872 21,671,341 77,875 22,356,727 (160,639)
e 23 2017-18 (335,008) 23,132,011 46,600 23,509,435 (665,833)
24 2018-19 (665,833) 24,680,162 33,367 24,166,091 (118,395)
25 2019-20 (118,395) 26,321,042 55,264 24,826,818 1,431,094
26 2020-21 1,431,094 28,060,214 117,244 27,991,745 1,616,806
27 2021-22 1,616,806 29,903,573 124,672 30,161,005 1,484,047
28 2022-23 1,484,047 31,857,368 119,362 31,334,736 2,126,041
29 2023-24 2,126,041 33,928,225 145,042 31,513,082 4,686,226
30 2024-25 4,686,226 36,123,166 247,449 31,696,193 9,360,648
31 2025-26 9,360,648 38,449,633 434,426 31,884,224 16,360,483
32 2026-27 16,360,483 40,915,517 714,419 32,077,336 25,913,083
33 2027-28 25,913,083 43,529,180 1,096,523 34,275,696 36,263,091
34 2028-29 36,263,091 46,299,489 1,510,524 37,479,479 46,593,624
35 2029-30 46,593,624 49,235,839 1,923,745 39,688,866 58,064,342
36 2030-31 58,064,342 52,348,192 2,382,574 43,904,046 68,891,061
37 2031-32 68,891,061 55,647,107 2,815,642 44,125,215 83,228,595
38 2032-33 83,228,595 59,143,774 3,389,144 44,352,576 101,408,936
39 2033-34 101,408,936 62,850,057 4,116,357 45,586,343 122,789,008
40 2034-35 122,789,008 66,778,531 4,971,560 50,826,735 143,712,364
41 2035-36 #N/A 70,942,527 #N/A #N/A #N/A
42 2036-37 #N/A 75,356,173 #N/A #N/A #N/A
43 2037-38 #N/A 80,034,446 #N/A #N/A #N/A
44 2038-39 #N/A 84,993,223 #N/A #N/A #N/A
45 2039-40 #N/A 90,249,331 #N/A #N/A #N/A
46 2040-41 #N/A 68,148,907 #N/A #N/A #N/A
47 2041-42 #N/A 72,309,476 #N/A #N/A #N/A
48 2042-43 #N/A 76,719,518 #N/A #N/A #N/A
49 2043-44 #N/A #N/A #N/A #N/A #N/A
e
palmdsuly¢plan 1 O
l2/7/95
ATTACHMENT NO. 4
The adjusted RHNA is included below. Current need is 569 lower income (80% of medium
household incomes) and 481 very low income (50% of medium household incomes) for a total of
1,050. Future need has been set at 367 lower and 303 very low income. The numbers are not
intended to be absolutely accurate calculations creating a"quota" the City is expected to achieve. It
is merely an estimate of the general magnitude of need and serves a goal for the design of local
housing programs. Cities will be evaluated on how effectively available resources are employed
towards the attainment of the RHNA targets.
REGIONAL HOUSING NEEDS ASSESSMENT
I. ADJUSTED EXISTING NEED'
1989 LIHHs OVERPAYING FOR SHELTER
HOUSEHOLDS LIHHs TOTAL VERY LOW LOW TOT-OWNER
8,546 2,518 1,050 481 569 380
LLHH OVERPAYMENT BY TENURE AND INCOME
VL—OWNER LOW-OWNER TOT-RENTER VL—RENTER LOW RENTER
147 233 669 335 334
II. FUTURE NEED - 1
LOWER INC HIGHER INC
TOTAL VL INC LOW INC MOD INC HIGH INC (%VL&Li (%MOD&UP)
1,964 303 367 340 954 34.1% 65.9%
/0/0
•
4010,
Adjusted to reflect 1989 "GAP"year and reduced for 180 lower income units constructed in connection with One Quail
Place and San Tropez Villas Affordable High Rent projects.
`•
- ATTACHMENT 5
•
•
ATTACHMENT NO. 5
This Attachment No. 5 includes four exhibits. Exhibits 1, 2 and 3 are specific housing project pro
formas prepared by the Riverside County Housing Authority for the three apartment complexes
which have been acquired to date in furtherance of the Palm Desert Redevelopment Agency's
affordable housing program and in furtherance of the Agency's efforts to meet its obligations under
the Stipulation. These projects are listed below indentifying the number of units in each project and
the corresponding number of units occupied or reserved for very low, low and moderate income
households.
Multifamily Projects Acquired by the Housing Authority
#of Units
#of Units #of Units Vacant that
#of Units Total#of
Project Total Unitsoccupied by occupied by #of Units occupied occupied by Units will be made
Very Low Low kicortte by Moderate Inane Market Occupied available to
Income Income Very Low or
Low
One Quail Place 384 102 88 78 25 268 117
Desert Pointe 64 30 17 3 0 50 14
Neighbors Garden 24 9 12 0 0 21 3
Taos Palms 16 5 3 0 0 8 8
Las Serenas 150 80 49 15 0 144 6
The Pueblos 15 14 1 0 0 15 0
Cataina Gardens 72 45 14 4 0 63 9
Totals 725__ 285 184 100- 25 569 157
• Other Agency Assisted Housing Programs
#of Units
curently
#of Units vacant
reserved fix #of Units #of Units reserved which#of Units 1
be
Project Total Units Very Low reserved for reservedModerate Inome reserved made
Income Low Income Market available to
Very Low or
Low
Desert Rose 161 0 120 41 41
Portola Palms M H Park 141 34 11 2 94
Santa Rosa Apartments 20 0 20 0 17
Seff Help Housing 11 2 9 0
Habitat for Humanities 1 1 0 0
Totals 334 37 160 43 94 58
Affordable Units Available by December 31,1995
Total Affordable Units #of units #of chits Total Vacant #of Vacant #of vacant
#of Chits (Mils to be Units to be Units to be
Occupied by Low or occupied by occupied by
Moderate Income Very Low occupied Moderate made Available made made
I Low Income To To Very Low or evadable to available to
n
Households Low Income Very Low Low
Households
809 322 344 143 215 65 150
Total Units Vacant to
be made Affordable& #of Units #of units
Available or Affordable vacant vacant #of Units
available by
Units currently or available a °ccup'ed
Occupied Low or �ow occupied Moderate
Moderate Income Income Low Income
Households
1024 387 494 143
Because existing housing conditions within the Coachella Valley dictate that afforable moderate
`ow income housing units are actually market rate no subsidy or reservation of moderate units is
necessary. The Agency currently maintains 215 vacant moderate income units that can be made
available to very low and low income households.
Exhibit 4 is a pro forma of the Agency's long-range program and goals to meet its obligations under
the Stipulation based on (i) the subsidy costs derived from Exhibits 1, 2 and 3; (ii) cost estimates for
future additions to the program; (iii) and projected tax increment revenues from Project Areas Nos.
1, 2 and 3 to be set-aside into the Agency's Low and Moderate Income Housing Fund. Tax
increment revenues are based on conservative assumptions with projected growth rates below actual
historical rates.
The City of Palm Desert has independently established an affordable housing mitigation fee assessed
on all hotel, commercial office and industrial uses. Although the proceeds of this housing mitigation
fee will also be available to assist in the financing of the Agency's affordable housing program and
its efforts to meet its obligations under the Stipulation, the Agency has not included proceeds of the
fee in its revenue projections.
The requirement of the Stipulation that 255 units be acquired by December 1992, of which 21 units
are to be occupied by and available at affordable housing cost to very low income households and
not less than an additional 78 units are to be occupied by and available at affordable housing cost to
lower income households, has already been met. The projections ,the pro formas, and the chart set
forth above show that the requirement of the Stipulation for affordable units to be acquired or
assisted by December 31, 1995, can be met.. The Stipulation requires that when those units reach
90%occupancy, the Agency must within 120 days initiate construction of an additional 160 units.
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POSTED AGENDA
HOUSING ADVISORY COMMITTEE
MAY 8, 1996
DECLARATION OF POSTING
I, Maria Hunt, Administrative Secretary of the Palm Desert Redevelopment Agency, do
hereby declare that the foregoing agenda for Housing Advisory Committee meeting of
Wednesday, May 8, 1996, was posted on the bulletin board by the outside entry to the
Council Chambers, 73-510 Fred Waring Drive, Palm Desert, on May 3, 1996.
Dated: May 3, 1996
MARIA HUNT, Administrative Secretary
Palm Desert Redevelopment Agency
'ir.