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HomeMy WebLinkAbout2006-01-17; Housing & Redevelopment Commission; Resolution 4061 2 3 4 5 6 7 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO. 406 A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING AN IMPLEMENTATION PLAN FOR THE CARLSBAD VILLAGE REDEVELOPMENT AREA WHEREAS, the Redevelopment Plan ("Plan") for the Carlsbad Village Redevelopment Area ("Project Area") of the Carlsbad Housing and Redevelopment Commission ("Commission") was approved by the City Council of Carlsbad by Ordinance No. 9591 on July 7, 1981; and WHEREAS, Section 33490(a)(l)(A) of the California Community Redevelopment Law, Health and Safety Code 33000 et. seq. ("Law") requires all redevelopment commissions to adopt an implementation plan every five years, following a noticed public hearing; and WHEREAS, Section 33490(a)(l)(A) requires that the Implementation Plan contain the specific goals and objectives of the Commission for the Project Area, the specific programs, including potential projects, and estimated expenditures proposed to be made during the next four years, and an explanation of how the goals and objectives, programs, and expenditures will eliminate blight within the Project Area and implement the requirements of Sections 33334.2, 33334.4, 33334.6, and 33413 of Law; and WHEREAS, pursuant to Section 33490 of the Law, the Commission has prepared a 2005-06 through 2008-09 Implementation Plan for the Project Area, as contained herewith as Exhibit A ; and WHEREAS, the Commission has conducted a duly noticed public hearing. NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Commission of the City of Carlsbad as follows: 1. That the above recitations are true and correct. 2. The Implementation Plan for the Carlsbad Village Redevelopment Area is hereby approved and adopted in the form attached herewith. 3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 3. This approval and adoption of the Implementation Plan does not constitute approval or any specific program, project or expenditure, and does not change the need to obtain any required approval of a specific program, project, or expenditure from the Commission or City of Carlsbad. PASSED, APPROVED AND ADOPTED at the Regular meeting of the Housing and Redevelopment Commission of the City of Carlsbad, California, on the 17th day of January, 2006, by the following vote, to wit: AYES: Commission Members Lewis, Hall, Kulchin, Packard, Sigafoose NOES: None ABSENT: None ATTEST CHETT, Secretary EXHIBIT A to Resolution IMPLEMENTATION PLAN CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION CARLSBAD VILLAGE REDEVELOPMENT AREA RSG INTELLIGENT COMMUNITY DEVELOPMENT CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 ABOUT THIS IMPLEMENTATION PLAN In fulfillment of Article 16.5 of California Community Redevelopment Law ("Law"), the Carlsbad Housing and Redevelopment Commission ("Commission") has prepared this Implementation Plan for the Carlsbad Village Redevelopment Project Area ("Implementation Plan"). This document presents the Commission's proposed redevelopment and affordable housing programs for fiscal years 2005-06 through 2008-09, which is a four year planning period. Generally the Law requires implementation plans cover a five year planning period, but the effectiveness date of the Village Area Redevelopment Plan ("Redevelopment Plan") expires on July 7, 2009. The Redevelopment Plan effectiveness period is the time period the Commission may undertake non-housing redevelopment projects and programs. After July 7, 2009 the Commission will only be able to use remaining non-housing tax increment to retire pre-existing debt. Contents About this Implementation Plan 1 Contents 1 About the Project Area 2 Recent Accomplishments 3 Revenue Projections 3 Redevelopment Vision 5 Redevelopment Plan Goals 6 Proposed Redevelopment Program 8 Existing Blight in the Project Area 8 Commercial Projects 8 Housing Projects 11 Housing Compliance program 12 Housing Production 12 Replacement Housing 14 Expenditures by Household Types 14 Page 1 <0 CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 ABOUT THE PROJECT AREA The City of Carlsbad ("City") is located in the northwestern portion of San Diego County, approximately 5 miles south of Camp Pendleton Marine Base and 30 miles north of downtown San Diego. Incorporated in 1952, the City encompasses an area of approximately 39.1 square miles with an estimated population of 92,995 persons in 2004. Its natural setting, strong commercial and industrial base, and proximity to the Pacific Ocean provide a unique living and working environment. Notable Timeframes Redevelopment Plan Effectiveness Adopted 1981 Expires 2009 Tax Increment Collection Expires 2019 Implementation Plan 2005 to 2009 Housing Compliance Plan 2005 to 2009 (For affordable housing program planning) The Commission was formed in 1981 to facilitate redevelopment activities in the Carlsbad Village Redevelopment Project Area ("Project Area"), which covers 200 acres. The Project Area was adopted in 1981 and encompasses the historic district of the City. As a result, the Project Area is rich in heritage with many examples of eclectic architecture. Because of its age, the housing stock is older, with most structures built before 1970. Redevelopment became an obvious tool for the City to address issues relating to deteriorating and dilapidated buildings, health and safety hazards, incompatible land uses, inadequate utilities and infrastructure, as well as severe housing needs. Since 1981, the Commission has funded the following initiatives to improve conditions in the Project Area: • Public Improvements: The elimination or amelioration of infrastructure deficiencies through the implementation of the Village Master Plan/Design Manual, Code Enforcement Programs, along with curb, gutter, sidewalk and landscaping projects. • Economic Development: Facilitating tourist serving and transit oriented development to take advantage of the Carlsbad Village's coastal location and the Carlsbad Village Commuter Rail Station. • Community Revitalization: Establishing a planning and development review function within the Commission to achieve the objectives outlined in the Village Master Plan/Design Manual for the Project Area. Maintaining and enhancing the Village character through the use of design guidelines and modified development standards, resulting in increased opportunities to live, shop and work in the Village area. CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 RECENT ACCOMPLISHMENTS During the past five years, the Commission has facilitated many successful projects and programs in the Project Area including: • Acquiring portion of property on Pine Avenue from the Carlsbad Unified School District to facilitate expansion of the community's Senior Center and related services; • Securing additional funds for new redevelopment projects and programs; and • Funding streetscape improvements and new street furniture, such as benches, trash cans and landscape planters. • Developing a vision document for the North State Street Area. • Working with the Chamber of Commerce on community visioning and workshops. REVENUE PROJECTIONS The Commission is using redevelopment along with other financing tools and partnerships to facilitate enhancement of the Project Area as a whole. The Commission had approximately $1.7 million1 in non-housing cash assets on hand at the end of the 2003-04 fiscal year for Project Area activities. The Commission received approximately $484,443 in non-housing tax increment revenues in fiscal year 2004-05. The total non-housing cash on hand as of June 30, 2005 was approximately $2.2 million. From fiscal years 2005-06 to 2008-09, the Commission is projected to receive approximately $3.9 million in non-housing revenue. In December of 2003, the Commission approved a financing agreement with the City ("2003 Agreement") that provided additional project and program funding as identified in the 2003 Agreement. Per the terms of the 2003 Agreement, it is estimated that the Commission may borrow up to $9.9 million over the next four years. When combined with the $3.9 million in future non-housing tax increment revenue and the projected $2.2 million in 2004-05 fiscal year end non-housing cash assets, the Commission will have approximately $16.0 million to fund non-housing projects and programs. The Housing Fund will accrue approximately $2.3 million in housing set-aside funds during this four year period. The total costs associated with implementing the non-housing projects and programs presented in this Implementation Plan are estimated to be $25.7 million. This creates a funding gap of $9.7 million when balanced against the $16.0 million in available revenue. The Commission is exploring private financing options to close this projected funding gap. 1 Statement of Indebtedness for year end balance on June 30, 2004. 8 CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 After the Commission's authority to undertake new non-housing redevelopment projects and programs expires on July 7, 2009, the Commission will receive approximately $16 million in non-housing revenue from fiscal years 2009-10 through 2018-19, which can only be used to service debt that existed before January 1, 2004 and fund unmet housing obligations. However, the Law allows for the Commission to retire remaining debt that was established prior to January 1, 1994 after its ability to collect tax increment expires on July 7, 2019. However, debt established from January 1, 1994 to December 31, 20042 that will be repaid from tax increment revenue must be paid by July 7, 2019. Per the Redevelopment Plan, this is the last day the Commission may receive tax increment revenue to retire post January 1994 debt. 2 Projects Area's ability to incur any new debt secured by future tax increment revenue expired on this date. CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 REDEVELOPMENT VISION The redevelopment vision for the Project Area is multi-pronged and focuses on retaining and expanding businesses and jobs, creating and improving the public facilities and maintaining existing character of the residential neighborhoods. To achieve this vision the three following strategies were developed: • Maintain and Improve Core Businesses. This strategy focuses on retaining existing businesses, facilitating the expansion of professional office uses and retail businesses and the development of employment opportunities in the Project Area. Public and private investments will be encouraged to promote new development while providing support to existing businesses. • Deliver "First-Rate" Public Facilities. This strategy seeks to fund public infrastructure and facility improvements which are critical to attract new development while improving the quality of life for existing residents, businesses and property owners. Projects include recreational facilities, public parking, landscape beautification, improved pedestrian, bicycle and vehicular circulation as well as the installation of other needed improvements to help stimulate development. • Quality Infill Development. The Commission will explore opportunities to promote new mixed-use residential development along the commercial corridors. Commercial districts that may otherwise struggle can become successful by added residential density in close proximity to commercial development. CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 REDEVELOPMENT PLAN GOALS The Redevelopment Plan establishes a variety of goals for redevelopment of the Project Area; these goals frame the near term redevelopment objectives for the Implementation Plan period. The Redevelopment Plan's goals are listed below. Protect Surrounding Neighborhoods: Restrict the highest residential density to areas in or near the Village Center. Encourage Investment: Stimulate and attract private investment. LIVI INVEST Insist on Quality Use and Design: Provide an organized system of commercial land uses to be grouped in a village setting, rather that a strip or sprawled commercial manner. Such uses should include administrative and professionalHBLP offices, retail outlets and public offices. Emphasize Environmental Character and Public Places: Provide for visual amenity through such means as landscaped court yards, attractive and harmonious architectural forms and vest pocket parks. Eliminate Deteriorated Conditions: Eliminate blight and blighting influences that0continue to exist in Project Area. Also, arrest decay and decline throughout the Project Area through restoration and rehabilitation of structures. CLEAN Enhance Commercial Base of Project Area: Encourage a variety of residential accommodation and amenity in the Village Area so as to increase the advantages of close-in living and convenient core shopping, toward the end of encouraging a WORK diversity of age, income and ethnic characteristics. Stimulate Economic Growth: Establish the Village Centre area as the North •• County's focus for specialty goods and services. In addition provide a Variety of commercial, tourism and recreational activity, especially close to the beach, in conjunction with special entertainment facilities, restaurants and other uses which will foster a village concept and not detrimentally impact residential usage. CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 Provide First Class Infrastructure: Provide a convenient circulation system with an emphasis upon ease of access and convenient, safe and attractive off-street parking areas. Also, accommodate existing and future local and regional public ACC1" transit facilities. Maintain Village Character: Guide development to preserve aesthetic and cultural quality through providing within the Village centre, a variety of spaces and locations for specialty, unique and attractive shops with strong pedestrian orientation. Locations and spaces should be interconnected with attractive pedestrian belts incorporating landscaping and/or unique texture. Enrich with Community Facilities: Provide for pedestrian and bicycle access to the development clusters and open areas. Remediate and Beautify: Establish design control in keeping with the desired village atmosphere. PLAY REUSE 2 CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 PROPOSED REDEVELOPMENT PROGRAM This section identifies the blighting conditions originally found in the Project Area, and the proposed project, their related costs, and the Redevelopment Plan goals that will be achieved during the four year planning period of this Implementation Plan. Existing Blight in the Project Area According to the Commission's documents prepared to justify establishing a redevelopment program, the Project Area contained numerous blighting conditions including the following: • Incompatible Uses • Inadequate Public Infrastructure • Irregular Lots under Mixed Ownership • Physical Conditions that Hinder Economic Viable Use • Buildings and Infrastructure that are Dilapidated, Unsafe and Unhealthy In order to address the remaining blight, the Commission will implement the following projects and programs during the next four years. Commercial Projects Project/Program Description Preliminary Cost Estimate Goals Achieved Development Standards Review Complete a financial feasibility and site planning design study to determine if current development standards are creating constraints to new development. This effort will include recommendations that identify the pros and cons of retaining or modifying the existing development standards. This project will eliminate factors hindering economically viable uses. $110,000 On-going Tax Increment 1 WORK LIVI 13 CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 Project/Program Description Preliminary Cost Estimate Goals Achieved Retail Analysis Complete a comprehensive retail analysis of the Project Area to determine the desired consumer environment and what types of retail uses are in demand by Project Area residents and visitors. This analysis will help identify the optimal mix of businesses and the residential/consumer base needed to support local retailers. This project will eliminate factors hindering economically viable uses. $110,000 On-going Tax Increment 3 REUSE WORK i SHOP State Street - Village Green Develop a mixed use project with a green (park) space as the focal point of the project, or an entire "Village Green". This development may include a combination of retail, office or residential uses surrounding a village green, or may consist of a Village Green public space only. This project will eliminate factors hindering economically viable uses, incompatible uses and inadequate public infrastructure. $6.6 million On-going Tax Increment GROW ACCESS Roosevelt Street - Mixed Use Project Develop a public parking structure that incorporates retail, residential and/or office uses. This project will eliminate factors hindering economically viable uses and limited off-street parking resources. $8.6 million On-going Tax Increment i SHOP ACCESS Streetscape Improvements - North State Street Develop a Streetscape plan to facilitate Streetscape and landscaping improvements on North State Street between Grand Avenue and Laguna. This project will address inadequate public infrastructure. $440,000 On-going Tax Increment 0 CLEAN HELP CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 Project/Program Description Preliminary Cost Estimate Goals Achieved Public Parking Structure Construct a public parking structure in close proximity to the Carlsbad Village Commuter Rail Station. This project will address limited off-street parking facilities. $7.6 million On-going Tax Increment & Other Funds ACCESS INVEST Improved Community Entryway Enhance the Carlsbad Boulevard and State Street intersection by either installing traffic signals or a traffic roundabout. A pedestrian pathway to the Oceanside City limit may also be constructed. This project will eliminate factors causing unsafe traffic and pedestrian circulation issues as well as improve inadequate public infrastructure. $1.1 million On-going Tax Increment ACCESS PLAY CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 Project/Program Description Enhanced Miscellaneous Streetscape Improvements Design and construct an enhanced Streetscape Plan for various Project Area streets. This project may include installing additional trees, outdoor lighting, decorative paving and new curbs, gutters and sidewalks where appropriate. This project will eliminate factors hindering economically viable uses and inadequate public infrastructure. Total Preliminary Cost Estimate Preliminary Cost Estimate $1.1 million On-going Tax Increment $25.7 million Goals Achieved PRESERVE HELP Housing Projects Project/Program Description Roosevelt Street Condominiums The Commission is participating in a residential development that will produce 1 1 residential units that would be sold to very low income family households. This project will eliminate factors hindering economically viable uses while facilitating additional affordable housing. Preliminary Cost Estimate $1,320,000 Low-Mod Housing Set- Aside Funds, CDBG & HOME Funds Goals Achieved CLEAN INVEST CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 HOUSING COMPLIANCE PROGRAM This section addresses specific requirements with respect to prior affordable housing activities, and the anticipated new affordable housing initiatives. To date, the Commission has satisfied all of the affordable housing mandates prescribed by the Law. The Housing Production section will demonstrate the Commission's compliance with its housing production requirements within the remaining four years of the effectiveness for the Redevelopment Plan (July 7, 2009). Implementation plans are used by redevelopment agencies and commissions to identify their affordable housing needs, and the programs and projects that will address these needs. Affordable housing obligations generally fall into three categories: • Housing Production - based on the number of housing units constructed or substantially rehabilitated in the Project Area, a redevelopment agency must ensure that a percentage of these units are affordable to very-low, low- and moderate- income households. • Replacement Housing - redevelopment agencies must ensure that any housing units destroyed or removed as a result of a redevelopment project are replaced within four years. • Targeting Household Types - identify the amount of housing set-aside funds the redevelopment agency will allocate on increasing and improving the supply of housing affordable to very low income households and low income households, and housing for residents under the age of 65. The housing programs the Commission will implement during the next four years are described below. Housing Production To estimate the number of housing units that need to be affordable to low- and moderate-income households, the Commission estimated the total number units to be constructed or substantially rehabilitated in the Project Area and applied mandates established by the Law. Generally, 15% of all privately developed or substantially rehabilitated units within a redevelopment project area must be affordable to very low, low and moderate income households, and not less than 40% of these units must be affordable to very low income households. Further, 30% of all Commission developed or substantially rehabilitated units must be affordable to very low, low and moderate income households and not less than 50% of these units must be affordable to very low income households. All of the affordable units must feature covenants that maintain their affordability for 45 years, if they are owner- occupied dwellings, and 55 years, if they are rental dwellings. The chart on the following page summarizes the production goals over various time periods as required by the Law. The number of required affordable housing units is based upon statutory thresholds, and the Commission is responsible for ensuring that the appropriate number of affordable units is created during the four year planning period. n CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 Actual and Projected Housing Needs by Time Period Time Period Prior to 2005 4 Year Forecast ( 2005 to 2009) Redevelopment Plan Duration (Until 2009) Actual/Assumed Housing Units Constructed and Substantially Rehabilitated in the Project Area 105 117 222 Affordable Units Req Total 15.8 17.6 33.4 uired Very Low 6.3 7.0 13.4 During the four year planning period the following three projects will add 117 new residential units to the Project Area: Laguna Point with 21 units (including 3 units for lower income levels), Village by the Sea with 65 units (including 11 units for lower income levels) and Roosevelt Street Condominiums with 11 units, all for very low- income households. As demonstrated in the table above the 117 new units will generate a requirement to produce 18 affordable units (including 7 very low-income units). However, as shown in the table below, the Commission has assisted in the production of a substantial number of affordable housing and currently exceeds its mandates for affordable housing production when considering the production of units both inside and outside the Village Redevelopment Area. The Commission assisted in the production of 72 affordable units (including 28 very low-income units) prior to 2005, which has created a surplus of 56 affordable units including 22 very low- income units. All of these units were built or acquired outside of the Project Area in the following three developments; Laurel Tree, Tyler Street and Villa Loma apartment complexes. Fulfillment of the production goals as demonstrated in the following table; whereby the 117 new units are producing 25 lower income affordable units (including 11 very low-income units) and combined with the 72 affordable units (including 28 very low-income units) produced prior to 2005, will create a total of 97 affordable units (including 39 very low-income units) over the duration of the Redevelopment Plan. When the total (from the table above) of 34 affordable units (including 13 very low-income units) over the duration of the Redevelopment Plan is subtracted from the 97 affordable units (including 39 very low-income units) a surplus of 63 affordable units and 26 very low-income units remains. CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 Fulfillment of Affordable Housing Production Requirements by Time Period Time Period Prior to 2005 4 Year Forecast Redevelopment Plan Duration (Until 2009) Units Required (see previous table) Total VL 16 6 18 7 34 13 Units Produced Total VL 72 28 25 11 97 39 Additional Units Required Total VL 0 0 0 0 0 0 Net Surplus Units Produced Total VL 56 22 7 4 63 26 Replacement Housing During the Implementation Plan period, the Commission does not anticipate that any Commission-assisted projects will result in the displacement or removal of housing units. Consequently, the Commission does not anticipate that any housing will need to be replaced at this time. Expenditures by Household Types Based on preliminary estimates as of April 2005, the Commission anticipates that the low and moderate income housing fund has a fund balance of approximately $2.8 million3. Over the four year planning period it is conservatively estimated that the Project Area will generate $2.3 million in 20% housing set aside revenue. At a minimum, the Commission's low- and moderate- income housing set-aside revenue is to be expended in proportion to the community's need for very low- and low- income housing, as well as the proportion of the population under the age of 65. Based on statistics from the Regional Housing Needs Assessment ("RHNA"), used by local government to meet the state requirement for affordable housing by category and 2000 Census statistics, the minimum thresholds for housing program expenditures on the following page would be required over the term of the Implementation Plan. During the 2005-06 fiscal year the Commission is proposing to spend up to approximately $625,000 of housing expenditures to facilitate the development of 11 units for very-low income households. As discussed earlier the Commission has exceeded its housing production requirements and will be Based on the housing fund year end balance (on June 30, 2004) of $2,363,300 and combined with $433,299 estimated housing set-aside revenue for the 2004-05 fiscal year. CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 evaluating additional programs and projects as to their ability to meet RHNA requirements. Household Type Minimum Percentage of Housing Set Aside Expenditures over Implementation Plan Very Low Income Households (Based on community's need for housing for households earning less than 54% of County median income) 30% Low Income Households (Based on community's need for housing for households earning less than 86% of County median income) 22% Household Age 65 & Over (Based on percentage of the City's 2000 Census population age 65 and over) 14% Notes: Percentage of very low and low income household expenditures based upon City of Carlsbad Regional Housing Needs Assessment in which 2,499 (30%) of the total 8,3537 units in the City's housing are applicable for very low income households and 1,811 units (22%) are applicable for low-income households. Percentage of expenditures for housing age 65 and over based on 2000 Census data for the City, wherein 10,976 residents (14%) of the total population of 78,247 are age 65 and over. Housing Set-Aside Expenditures since January 2002. These proportionality requirements affect expenditures over a ten-year period, although the law permits the compliance initially for a period beginning in January 2002 and ending in December 2012. It is estimated the Commission has expended $204,142 of the $1,100,0004 housing set-aside funds received since January 2002. These funds have been spent on various administrative activities leading to the site selection for the Roosevelt Street Condominiums, which is currently in the planning phase. All 11 units of this project will be income restricted to households with very low- incomes. As additional projects are identified, the Commission expects to be in compliance with all income categories. The chart below documents the amount of low- and moderate- income housing fund revenue used since January 2002. 4 Total of housing set-aside for fiscal years 2001-02, 2002-03 and 2003-04. CARLSBAD VILLAGE REDEVELOPMENT AREA Implementation Plan 2005 through 2009 Housing Expenditures and Proportionality Since January, 2002 Income Category Very Low Income Low Income Moderate Income Total Expenditures: 2001-02 $45,171 $0 $0 $45,171 2002-03 $107,647 $0 $0 $107,647 2003-04 $51,324 $0 $0 $51,324 Period to Date $204,142 $0 $0 $204,142 Family Units Assisted by Housing Set-Aside Fund. State law also requires a recap of the number of the projects assisted by the housing set-aside fund over the past Implementation Plan period divided by family projects (open to all age groups) and senior projects (restricted to residents age 65 and older). The Roosevelt Street development will create 11 new units restricted to households with very low-incomes. As additional units are developed through the remaining four year planning period, the Commission expects to be in compliance with this requirement. Housing Units Constructed During Prior Implementation Plan Without Housing Set-Aside Funds. Since January 2000, funding was provided in the amount of $200,000 from Federal Community Development Block Grant funds, $1,021,855 from Federal Home funds, along with redevelopment housing set- aside funds. With these funds, the Commission was able to construct affordable units featuring long term covenant restricted units (affordable units with covenants of at least 45 years for ownership housing or 55 years for rental housing).