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HomeMy WebLinkAboutStudy Session Affordable Housing Strategy el ty d abl,A Sl ���abb s. s -. } - T v .µ x 3 Y .`�. s� "� '�41 Stu!4 Y 1 � HuntingtonBeach CityCouncil � May 15 , 2006 w x 40 A III) ES 110 I- AVW 900Z y /OAJ M M Affordable Housing i qm n Re uir e e is m_Tlkl _ T. Ak MR UAW ® Production and replacement of low and moderate -- income housing R..d YY1Y../2^xgSTadRffi Set-aside and expenditure of 2 0% of tax increment tt to increase, improve and preserve low and moderate income housin 9 ® Preparing reports on how the responsibilities will be - - met. May 15, 2006 Keyser Marston Associates Page 2 tR � I Replacement Housin Requirements The Agency must identify units proposed to be removed by Agency action and prepare a plan to = _ replace the units. _w ® The Agency has fulfilled all the replacement housing obligations for all units removed in the w past • Y No units are currently anticipated to be removed by Agency action May 15, 2006 Keyser Marston Associates Page 3 w � Inclusi" onaryHousing g � Production Requirements ® The Agency must identify all residential m development in the Project Areas In 10-year intervals, income restricted units subject to covenants must be developed or =- substantially rehabilitated ® The Agency and/or the City mu st be beneficiaries to the income restriction covenants May 15, 2006 Keyser Marston Associates Page 4 i Incl usionary Houing R'A s r 1 c on Obligations t W J , &,A T Agency Developed Dousing Development to Date 164 Production Obligation _ very-Low Income 25 Low/Moderate Income 25 Total Production Obligation 50 N May 15 2006 Keyser Marston ASsouates Page 5 w Inc S ® its S g Production - = Agency Developed Housing _ Very-Low Low/ModerateTotal oc xx-v ar Income Income Obligation 25 25 50 Fulfillment 164 0 164 Surplus 139 25 114 w _ May 15, 2006 Keyser Marston Associates Page 6 n fM Inclusionary H j, Production Obligations Private /Agency Assisted Development Development to Date 2,451 n e Production Oblwation -_Y - -- very-Low Income 148 Low/Moderate Income 221 x Total Production Obligation 369 May 15, 2006 Keysei Marston Associates Page 7 Inclusionary Housing 0 w PProduction Private /Agency Assisted Development Very-Low Low/Moderate Total Income Income M Obligation 1480 221 0 3690 • Fulfillment 1875 2730 4605 Surplus 395 520 91 5 May 15, 2006 Keyser Marston Associates Page 8 Set-Aside Requirements �, 0 1 r ® 20 /o of gross tax increment must be set-aside for affordable housing activities Proportionality tests ( 1 /2002 - 12/2014) . ® Income — At least 3 7% of funds must be spent on very-low and no more than 3 8% on moderate income e Age Restrictions — No more than 3 0% can be spent on mm age restricted units n! Excess Surplus calculations — No more than four years ' deposits can be unencumbered _ May 15 2006 Kevser Martiton Associates Page 9 t s CovenaRetluirements � 41® Redevelopment law requires covenants of at least 45 years for ownership units and 55 M years for rental units The Agency and the City' s Inclusionary Mousing Ordinance currently impose 60-year ti covenants . May 15, 2006 Keyser Marston As,,ociates Page 10 � a AnordableHousing J,T' F4. i Accomplishments ® The Agency has assisted 809 affordable housing units since 1988 451 very-low income - ® 237 low income 121 moderate income May 15, 2006 Keyser Marston Associates Page l 1 .q 0 Atiordable Housing i xx.�w aRsa a� , Accomplishments 4 h x x �� • g The City' s Inclusionary Dousing Ordinance µ r has resulted in 478 affordable housing units since 1993 . r =w ® 50 very-low income r 103 low income 325 moderate income May 15, 2006 Keyser Marston Associates Page 12 w.w ¢ a Ava e ingSources = Set-Aside Funds (Agency' s Primary Funding Source) ® Currently $2 3 million per year + a $2 S million m fund balance - ® Property value escalations have created large increases, but growth is likely to slow down0 ® Set-Aside can be used to assist very-low, low and moderate income households �w May 15, 2006 Keyser Marston Associates Page 13 _ . � A A v a eFunding u cesRA al { T HOME Funds ® Allocated by HUD - approximately $800,000 per year + a $ 14 million fund balance ® Funds can be used for very-low or low income ; - households 15 /o of funds must be provided to Community Housing Development Organizations (CHDO ' s) May 15, 2006 Keyser Marston Associates Page 14 nAvrlilable unding Sources Revolving loan proceeds — $ 1 .4 million fund - balance & $3 . 0 million in outstanding loans - used to fund rehabilitation loan ro rams p g ® CDBG - approximately $ 160,000 per year is r _ allocated to rehabilitation loan administration �s May 15, 2006 Keyser Marton Associates Page 15 Availablen u.rces _114 AW , �m ® ADDI — allocated by HUD - $ 14,000/ year allocation + a $ 130,000 fund balance to be used for low income down payment ry = assistance Inclusionaryhousingin-lieu fees — currentl Y • _- limited to 3 -9 unit ro ects without Cityp J Council action s May 15, 2006 Keyser Marston Associates Page 16 J AvailableSources A Funding Source Fund Balance Annual Revenue �- - Set-Aside $2 5 million $2 3 million HOME $ 1 4 million $800000 Revolving Loans $ 14 million varies CDBG -- $ 1601000 • ADM $ 130000 $ 14 Total $5 43 million $3 27 million y May 15, 2006 Keyser Marston Associates Page 17 v Allordable ®usActivities 2 - 2009 005 aj IN' ' Agency ® Acquisition Rehabilitation projects — 52% of funds New Development — 43 % of funds _µ Rehabilitation loans — 5% of funds nv ® Home Buyer Assistance Programs — currently m dormant May 15, 2006 Keyser Ma►ston Associates Page 18 r cies Ito ® s 2 - 2009 005 City Inclusionary Housing Ordinance 10% of housing developed citywide, and 15% of T housin in Project Areas must be affordable µ g J In-lieu fee can be paid by right for 3 — 9 unit proj ects ® In-lieu fees can be paid with City Council approval for larger projects May 15, 2006 Keyser Ma►ston Associates Page 19 ° v ffT Actiiti o a ing oves 11Q, V, -1 -61A Constraints ® Few & expensive development sites r Dramatic escalations in home prices & apartment m building sales prices r� Limited rowth in Orange Count incomes gy W Diminishing number of outside public fundingi g p sources Increasing interest rates r May 15, 2006 Keysei Marston As,,ociates Page 20 o 0 0 0 ri Anordable v _� - � 44, s h " a Opportunities High residential values make conversion of commercial properties to mixed-use opportunities viable along transportation 7 corridors In financial i ili i creased dens ty can enhanceviability ty �w ® Neighborhoods have infill and acquisition & _ rehabilitation potential tt May 15, 2006 Keyser Mai,,ton As,ociates Page 21 3 o s ordable Housing vle c s 1 J Acquisition/Rehabilitation Projects Focus on a scattered site development in the Oakview area with one CHINO developer ® Maximizes impact on the neighborhood Creates potential for leveraging outside funding Agency assistance costs estimated at $ 100,000 to w $ 125 ,000 per unit Set-Aside and HOME are both good funding sources May 15, 2006 Keyser Marston Associates Page 22 r oseA110rdablep Housin -- Activi* ties i - == i New Development Studios at Center is in planning stages Could potentially provides high density housing at the r freeway Provides affordable rental housing for very-low and r r low income households Agency costs estimated at land donation + = - $ 15 ,000 er unit in direct financial assistance 3-b Set-Aside is the funding source May 15, 2006 Keyser Marston Associates Page 23 T INV 5 Rm s W Proposed Afforda Housing V Ac I;I f tivities New Development Habitat for Humanity Projects A Habitat provides home ownership opportunities for ry � very-low income households Pe Good use of small inf ll sites Agency costs estimated at land donation + payment of public permits and fees HOME funds are a good assistance source May 15, 2006 Keyser Mai ston Associates Page 24 x c iYropS orflousing vActivities ��WOA - - ® 4- ----- New Development Transportation Corridors opportunities for higher intensity development with SB 1818 density bonus — requires affordable housing -- - • Potential for commercial/residential mixed-use � = projects Little or no Agency assistance should be w required µ� May 15, 2006 Keyser Marston Associates Page 25 n Ir n�.osed Allordable tiousin6 Activities & Rehabilitation Loan Programs Eliminate existing multi-family loan programs w M Reallocate funds for use In ®akvlew acquisition & rehabilitation projects May 15, 2006 Keysei Mai stun Associate~ Page 26 Pr osed An Housing x 1 1 1 c� v � e S u ® rehabilitation Loan Pro rams m ® Create one single-family home loan program and create marketing campaign to attract borrowers Allow for 1 -4 units ® Set loan cap at $50,000/property—Target 5 loans/year M ® Defer repayment to end of loan term Apply simple interest g 3% below market o Continue to fund with revolving loan repayment proceeds xi May 15, 2006 Keyser Marston As,,ociates Page 27 - 9 Froposed w Activities M M7W OT,5 , . -�T f�47 - ehabilitatlon Loan Programs Maintain the emergency rant program ® Increase limit to $ 1 ONO — Target 10 loans/year Allow use for paint/fix-up projects o Continue funding with revolving loan repayment proceeds May 15, 2006 Keyser Mai ston Associates Page 28 yv � vroposed Altordable Housing • o- Activities Home Buyer Assistance Programs wv = Current gaps exceed $200,000 for moderate K-_ income condos and $400,000 for single-family homes M 13 Orange County cities have home buyer assistance programs. Only Costa Mesa, with • $240,000 per unit in assistance is seem p � g _ A} significant activity wY w May 15, 2006 Keyser Marston Associates Page 29 Proposed Affordable Mousing Activities Home Buyer Assistance Programs (coast) To use Set-Aside funds the assistance cap would need to be raised to at least $200,000 Target 5 loans/year A Habitat type project is the only way to use m - HOME funds within the subsidy limits Should � -_ - be coupled with ADDI funds if possible. Target 1 prod ect/year __ _ _ May 15, 2006 Keyser Manton Associates Page 30 AProposed Affo Housing Activl* ties v,,4% % _%0I rxs .ate. Workforce Housing Assistance M_ W ® Potential to dedicate inclusionary housing in-lieu µ fees to households earning more than 120% of Countymedian income . At 140% of the Median a four-person household would earn $ 110,000 per year That household could afford a +/- $400M00 home May 15, 2006 Keyser Mai ston Associates Page 31 Preferences ® Lottery approach — no one is excluded from the program, but Huntington Beach residents and/or people who work in the city receive more tickets -- ® Requirement to live or work in the city — 2 T extremely controversial ® Programs dedicated to school teachers m ® Programs dedicated to public safety employees — µux w requires a funding source not capped at moderate K income � - May 15, 2006 Keyser Marston Associates Page 32 Energ Y ® All Agency sponsored projects should include sustainable design features — options include t_ w ® Energy and water reduction strategies ® Building design that maximizes sunlight for heat and light, and maximizes air flow for natural cooling T Solid waste reduction technologies Storm water mitigation w Gray water recycling May 15, 2006 Keyser Marston Associates Page 33 SUMMARY TABLE AFFORDABLE HOUSING PRODUCTION AFFORDABLE HOUSING STRATEGY STUDY SESSION HUNTINGTON BEACH CALIFORNIA Total Income Very Low Moderate Covenant Restricted Units Income Low Income Income Project Term Produced Units Units Units Agency Developed Emerald Cove Perpetuity 164 164 0 0 II Agency Assisted Within a Redevelopment Project Area(Completed) OCCHC Keelson 1994 2024 4 4 0 0 Shelter for the Homeless Barton#1 1994 2024 4 4 0 0 Shelter for the Homeless Keelson 1994 2024 4 4 0 0 OCCHC Koledo#1 1996 2026 10 10 0 0 Pacific Park Villas 1996 2026 25 0 0 25 OCCHC Koledo#2 1997 2027 8 8 0 0 OCCHC Queens 1997 2027 8 8 0 0 OCCHC Koledo#3 2000 2060 10 10 0 0 OCCHC Koledo#4 2000 2060 10 10 0 0 Interval House 2001 2029 6 6 0 0 OCCHC Koledo#5 2001 2060 5 5 0 0 Ash Street Condos 2002 2062 6 0 0 6 Bowen Court 2002 2062 20 20 0 0 Shelter for the Homeless Barton#2 2002 2030 4 4 0 0 Total 124 93 0 31 III Agency Assisted Outside a Redevelopment Project Area (Completed) Huntington Village Sr Apartments 1988 2007 40 23 6 11 Brisas del Mar 1993 2003 44 0 14 30 Five Points Senior Apartments 1993 2026 48 32 0 16 OCCHC PSS 1994 2024 9 9 0 0 Habitat for Humanity Ronald Road 1997 2027 3 3 0 0 Habitat for Humanity Yorktown 2001 2060 3 3 0 0 The Fountains Senior Apartments 2003-2062 80 55 25 0 Total 227 125 45 57 IV Agency Covenant Purchase(Outside a Redevelopment Project Area) Sea Aire Apartments 1996 2026 36 0 36 0 Sher Lane Apartments 2003 2028 66 22 11 33 Huntington Pointe Apartments 2003 2061 104 21 83 0 Hermosa Vista Apartments 2004 2063 88 26 62 0 Total 294 69 192 33 Prepared by Keyser Marston Associates Inc File name HB Strategy Prod 5/1/2006 SUMMARY TABLE AFFORDABLE HOUSING PRODUCTION AFFORDABLE HOUSING STRATEGY STUDY SESSION HUNTINGTON BEACH CALIFORNIA Total Income Very Low Moderate Covenant Restricted Units Income Low Income Income Project Term Produced Units Units Units V Units Produced in Citywide Inclusionary Policy Outside a Redevelopment Project Area(Completed) Greystone Keys 1993 2023 23 0 0 23 Bridges Apartments Nichols 1997 2027 80 3 77 0 Pacific Landing 1998 2028 5 0 0 5 Cape Ann 2000-2030 146 0 0 146 The Promenade 2000 2030 80 0 0 80 Main Place Apartments 2004 2033 26 0 26 0 The Tides 2004 2034 12 0 0 12 Beachview Villas 2006-2066 106 47 0 59 Total 478 50 103 I 325 VI JTotal Units Produced to Date 1 287 501 340 446 Agency Assisted Within a Redevelopment Project Area(Under Construction or Proposed) VII Studios at Center SRO 60 Years 251 126 125 0 Oakview Acquisition& Rehab Projects 60 Years 150 75 75 0 Total 401 201 200 0 Vlll Agency Assisted Outside a Redevelopment Project Area(Under Construction or Proposed) Collette s Children s Home 60 Years 4 4 0 0 Habitat for Humanity Delaware 60 Years 1 1 0 0 Huntington Gardens 60 Years 185 185 0 0 Ellis/Patterson 60 Years 2 2 0 0 Total 192 192 0 0 IX ITotal Units Anticipated to be Produced 593 393 200 0 X lGrand Total Affordable Housing Production 1 880 894 540 446 r Prepared by Keyser Marston Associates Inc File name HB Strategy Prod 5/1/2006 0 SURVEY OF FIRST TIME HOME BUYER PROGRAMS ORANGE COUNTY CITIES FIRST TIME HOME BUYER PROGRAM EVALUATION HUNTINGTON BEACH CALIFORNIA Income Limit As %of County Maximum Agency Maximum #of Loans Last Median Loan Amount Purchase Price Year #of Loans This Year $50 000 & $280 749& Anaheim 80%& 120% $35 000 None 3 None Brea 120% $95 000 None 2 None Buena Park 80% $60 000 $351 500 1 None Costa Mesa 120°/ $240 000 $515 000 4 Fully subscribed Cypress 120% $25 000 None None None Fountain Valley 120% $40 000 None None None Fullerton Discontinued their Program in 2004 Garden Grove 120/o $10 000 $380 000 None None $75 000 or 25%of Irvine 80/O sales price $440 800 2 None Orange 1200/ $22 500 None None None Placentia Discontinued their Program Westminster 80/o $40 000 $416 100 None None Yorba Linda 120°/ $25 000 None None None Prepared by Keyser Marston Associates Inc File name HB Strategy Survey 5/1/2006 TABLE II HISTORICAL RESIDENTIAL DEVELOPMENT WITHIN REDEVELOPMENT PROJECT AREAS IMPLEMENTATION PLAN MID TERM UPDATE HUNTINGTON BEACH CALIFORNIA Units Built in I Project Construction Type Project Area Completion Year Emerald Cove Agency Developed 164 1986 Private Housing Production New Construction 1 090 1994 OCCHC Keelson Sub Rehab with Assistance 4 1994 Shelter for the Homeless Barton#1 Sub Rehab with Assistance 4 1994 Shelter for the Homeless Keelson Sub Rehab with Assistance 4 1994 OCCHC Koledo#1 Sub Rehab with Assistance 10 1996 Pacific Park Villas New Construction 38 1996 OCCHC Koledo#2 Sub Rehab with Assistance 8 1997 OCCHC Queens Sub Rehab with Assistance 8 1997 OCCHC Koledo#3 Sub Rehab with Assistance 10 2000 OCCHC Koledo#4 Sub Rehab with Assistance 10 2000 Plaza Almeria New Construction 42 2000 Interval House Sub Rehab with Assistance 6 2001 OCCHC Koledo#5 Sub Rehab with Assistance 5 2001 Ash Street Condos New Construction 6 2002 Bowen Court New Construction 20 2002 Shelter for the Homeless Barton#2 Sub Rehab with Assistance 4 2002 Private Housing Production New Construction 1 182 2004 Total Housing Development 2 615 Agency Developed Other Total II Completion Year Units Units Units Pre 1994 164 1 090 1 254 1994 12 12 1995 0 0 1996 48 48 1997 16 16 1998 0 0 1999 0 0 2000 62 62 2001 11 11 2002 30 30 2003 0 0 2004 1 182 1 182 Total Units Developed 164 2 451 2 615 i Includes all units built by private entities substantially rehabilitated units with Agency assistance Agency assisted new development and Agency developed units Prepared by Keyser Marston Associates Inc File naive HB Strategy 1 1 5/1/2006 TABLEI2 PROJECTED RESIDENTIAL DEVELOPMENT WITHIN THE REDEVELOPMENT PROJECT AREAS(2005 2024)' IMPLEMENTATION PLAN MID TERM UPDATE HUNTINGTON BEACH CALIFORNIA Construction Units Built in Completion 1 Project Type Project Area Year Studios at Center SRO New Construction 251 2005-2014 Oakview Acquisition& Rehab Protects Sub Rehab with Assistance 150 2005 2014 Pacific City Residential New Construction 516 2005-21 I 014 Private Housing Production New Construction 500 20052 I 014 Sea Colony(Hyatt Residential) New Construction 78 2005 2014 Sea Cove(Hyatt Residential) New Construction 106 2005-2014 Total Housing Production Units 1 601 Agency Developed Other Total II Estimated Completion Year Units Units Units 2005-2014 1 350 1 350 2015 2024 0 0 Total Units 1 350 11 350 ' and Agency developed units Prepared by Keyser Marston Associates Inc File name HB Strategy 1 2 5/1/2006 TABLEI3 INCLUSIONARY HOUSING OBLIGATION IMPLEMENTATION PLAN MID TERM UPDATE HUNTINGTON BEACH CALIFORNIA Very Low Income Low/Mod Income Total Obligation Obligation Obligation Agency Agency Agency Developed Other Developed Other Developed Other I Year Units Units 2 Units' Units 2 Units' Units 2 1982 1993 50 164 25 66 25 98 1994 2004 0 205 0 82 0 123 2005 2014 0 203 0 82 0 121 2015 2024 0 0 0 0 0 0 II ITotals 50 572 25 230 25 342 i See TABLE 1 1 &TABLE 12 At least 30%of the Agency owned units must be restricted as affordable units with at least 50 A of the units restricted to very low income units and the balance restricted to low and moderate income units 2 See TABLE 1 1 &TABLE 12 At least 150/ of the Agency owned units must be restricted as affordable units with at least 40 A of the units restricted to very low income units and the balance restricted to low and moderate income units Prepared by Keyser Marston Associates Inc File name HB Strategy 1 3 5/1/2006 TABLE 1-4 INCLUSIONARY HOUSING FULFILLMENT ANALYSIS IMPLEMENTATION PLAN MID TERM UPDATE HUNTINGTON BEACH CALIFORNIA Total Income Total Very Low I UM Covenant Restricted Units Countable Income Income Project Term ' Produced Units 2 Units I Units I Agency Developed Emerald Cove Perpetuity 164 164 164 0 II Agency Assisted Within a Redevelopment Project Area(Completed) OCCHC Keelson 1994 2024 4 4 4 0 Shelter for the Homeless Barton#1 1994 2024 4 4 4 0 Shelter for the Homeless Keelson 1994 2024 4 4 4 0 OCCHC Koledo#1 1996-2026 10 10 10 0 Pacific Park Villas 1996 2026 25 25 0 25 OCCHC Koledo#2 1997 2027 8 8 8 0 OCCHC Queens 1997 2027 8 8 8 0 OCCHC Koledo#3 2000 2060 10 10 10 0 OCCHC Koledo#4 2000 2060 10 10 10 0 Interval House 2001 2029 6 6 6 0 OCCHC Koledo#5 2001 2060 5 5 5 0 Ash Street Condos 2002 2062 6 6 0 6 Bowen Court 2002 2062 20 20 20 0 Shelter for the Homeless Barton#2 2002 2030 4 4 4 0 Total 124 124 93 31 III Agency Assisted Outside a Redevelopment Project Area(Completed) OCCHC PSS 1994 2024 9 4 5 45 00 Habitat for Humanity Ronald Road 1997 2027 3 15 1 5 00 Habitat for Humanity Yorktown 2001 2060 3 15 15 00 The Fountains Senior Apartments 2003 2062 80 400 275 125 Total 95 475 350 125 IV Agency Covenant Purchase(Outside a Redevelopment Project Area) Sea Aire Apartments 1996 2026 36 180 00 180 Sher Lane Apartments 2003 2028 66 330 110 220 Huntington Pointe Apartments 2003 2061 104 520 105 415 Hermosa Vista Apartments 2004 2063 88 440 130 310 Total Potential Units 294 1470 345 1125 Actual Countable Units a 690 345 345 Prepared by Keyser Marston Associates Inc File name HB Strategy 1 4 5/1/2006 TABLE 1-4 INCLUSIONARY HOUSING FULFILLMENT ANALYSIS IMPLEMENTATION PLAN MID TERM UPDATE HUNTINGTON BEACH CALIFORNIA Total Income Total Very Low I UM Covenant Restricted Units Countable Income Income Project Term ' Produced UnIts 2 Units I Units V Units Produced in Citywide Inclusionary Policy Outside a Redevelopment Project Area(Completed) Greystone Keys 1993 2023 23 11 5 00 115 Bridges Apartments Nichols 1997 2027 80 400 1 5 385 Pacific Landing 1998 2028 5 2 5 00 25 Cape Ann 2000 2030 146 730 00 730 The Promenade 2000 2030 80 400 00 400 Beachview Villas 2006 2066 106 530 235 295 Total 440 2200 250 I 1950 VI ITotal Units Produced to Date 9530 4605 1875 2730 Agency Assisted Within a Redevelopment Project Area(Under Construction or Proposed) V11 Studios at Center SRO 60 Years 251 251 126 125 Oakview Acquisition& Rehab Projects 60 Years 150 150 75 75 Total 401 401 201 200 VIII Agency Assisted Outside a Redevelopment Project Area(Under Construction or Proposed) Collette s Children s Home 60 Years 4 20 20 00 Habitat for Humanity Delaware 60 Years 1 0 5 0 5 00 Huntington Gardens 60 Years 185 925 925 00 Ellis/Patterson 60 Years 2 1 0 1 0 00 Total 1920 960 960 I 00 IX ITotal Units Anticipated to be Produced 5930 4970 2970 2000 i Projects subject to agreements executed prior to January 1 2002 must have covenants that run at least as long as the land use controls imposed by the Redevelopment Plan(2024) The covenants for projects from 2002 forward must run for at least 55 years for rental projects and 45 years for ownership projects 2 Units located within a redevelopment project area can be counted on a 1 1 basis 50A credit is applied to units located outside a redevelopment project area Prior to 1994 units outside a redevelopment project area could not be used to fulfill the inclusionary housing production requirements 3 At least 50%of units for which covenants are purchased but substantial rehabilitation is not performed must be set aside for very low income households 4 The total excludes the Agency Developed units Those units must be tracked separately Prepared by Keyser Marston Associates Inc File name HB Strategy 1 4 5/1/2006 i TABLE 1 5 INCLUSIONARY HOUSING FULFILLMENT ANALYSIS SUMMARY IMPLEMENTATION PLAN MID TERM UPDATE HUNTINGTON BEACH CALIFORNIA Total Countable Very Low Income Low/Mod Income I Agency Developed Inclusionary Housing Surplus Units Units Units Total Inclusionary Housing Fulfillment ' 164 164 0 (Less)Inclusionary Housing Obligation 2 50 25 25 Inclusionary Housing Surplus/(Deficit) 114 139 (25) Total Countable Very Low Income Low/Mod Income II Current Inclusionary Housing Surplus Units Units Units Total Inclusionary Housing Fulfillment ' 4605 1875 2730 (Less)Inclusionary Housing Obligation(1982 2004) 2 3690 1480 1221 0 Inclusionary Housing Surplus 91 5 395 520 Total Countable Very Low Income Low/Mod Income III 10 Years Inclusionary Housing Surplus Units Units Units Total Inclusionary Housing Fulfillment ' 9575 4845 ` 4730 (Less)Inclusionary Housing Obligation (1982 2014) 2 5720 2300 3420 Inclusionary Housing Surplus 3855 2545 131 0 Total Countable Very Low Income Low/Mod Income IV Life of Plan Inclusionary Housing Surplus Units Units Units Total Inclusionary Housing Fulfillment ' 9575 4845 4730 (Less)Inclusionary Housing Obligation(1982 2024) 2 5720 2300 1342 0 Inclusionary Housing Surplus 3855 2545 1 131 0 ' See TABLE 14 2 See TABLE 13 Prepared by Keyser Marston Associates Inc File name HB Strategy 1 5 5/1/2006