(a) (1) Revenue generated pursuant to this part shall be used for the construction of new affordable housing, affordable housing preservation, tenant protection programs, planning and technical assistance related to affordable housing, and for other purposes, as provided for in this section. (2) Notwithstanding paragraph (1), the agency may transfer a portion of the revenue raised by a tax measure adopted pursuant to this title to the County of Los Angeles for programs that provide supports and services to prevent and combat homelessness. (b) (1) For purposes of this section, âregional housing revenuesâ are those revenues generated pursuant to Chapter 2 (commencing with Section 64810) except as provided in paragraph (2). (2) If a tax measure is adopted pursuant to this title and the agency transfers a portion of the revenue raised by the measure to the County of Los Angeles for programs that provide supports and services to prevent and combat homelessness, the portion of revenue transferred shall not be included in âregional housing revenuesâ or the annual programmatic budget and shall not be subject to this chapter. (c) The allocation of regional housing revenues to projects and programs shall be approved by the board. (d) Subject to funding eligibility and adjustment pursuant to subdivision (b) of Section 64717, the agency shall distribute regional housing revenue in the form of a grant, loan, or other financing tool pursuant to subdivision (q) of Section 64720 in a manner that achieves the following shares in the annual expenditure plan: (1) A minimum of 40 percent of the annual programmatic budget, excluding any bond indebtedness, shall be spent on affordable housing creation, preservation, and ownership as follows: (A) The following conditions shall apply with regard to affordable housing creation: (i) Funding pursuant to this subparagraph may be used for the following purposes, including, but not limited to, land acquisition, housing acquisition, financing, and ownership programs, including the agency serving as a single source of financing as appropriate, income assistance for extremely low income households, and project-based rental assistance contracts with no time limit that are restricted to the support of extremely low income households. (ii) Financing for any development costs associated with a project or funding grant that is for housing that is 100 percent affordable, which means restricted to any household that earns less than 80 percent of the area median income (AMI), including permanent supportive housing that includes onsite supportive services. An eligible project may also include a subset of at least 50 units, or 50 percent of the total units, whichever is greater, in a larger development that includes units targeted up to 120 percent of AMI, in which case the agency may only fund units that are designated for extremely low and very low income households, and agency funds shall not be used in connection with any unit that is income restricted due to development incentives, density bonuses, or similar programs. (I) For each of the eligible jurisdictions, as defined in paragraph (1) of subdivision (a) of Section 64830.5, 25 percent of all funded units shall be reserved for extremely low income households, as defined in Section 50106 of the Health and Safety Code, and 25 percent shall be reserved for very low income households, as defined in Section 50105 of the Health and Safety Code, over any two-year period, with regular monitoring by the citizensâ oversight committee and board of units funded and constructed during that two-year period. (II) For each project, 10 percent of the units in the project shall be reserved for extremely low income households and 10 percent of the units shall be reserved for very low income households. (B) Funding pursuant to this paragraph for affordable housing preservation programs may be used to acquire, rehabilitate, place affordability restrictions on, and preserv
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