The California Redevelopment Law allows local governments to establish redevelopment project areas and capture all of the increase in property taxes (referred to as "tax increment") that is generated within the area. The law requires redevelopment agencies to deposit 20% of tax increment funds into a Low & Moderate Income Housing Fund (L&M Fund) to be used to increase, improve, and preserve the community's supply of low and moderate income housing at affordable housing cost. The law also requires that 30 percent of all new and substantially rehabilitated housing units developed by the agency and 15 percent of all other new and substantially rehabilitated housing units developed within the project area be affordable to low and moderate income households (referred to as the "production requirement"). In addition, the law requires that redevelopment agencies replace any housing units that are for low- or moderate-income households when those units are demolished as a result of an agency-assisted project (referred to as the "replacement requirement").
Through bond measures with the County of Orange, partnerships with private developers, and funding from the State; the Lake Forest Redevelopment Agency offers a variety of affordable living alternatives to low and moderate income families.
City of Lake Forest AB 987 Database (Last Updated April 2010)
This list is NOT a list of available units. DO NOT contact or disturb the owners or tenants of these units as a result of this list. This list is only intended to comply with the requirements of AB 987, codified as California Health and Safety Code Section 33418(c), which requires the Agency to post on the City website a list of housing units constructed or rehabilitated with Agency low and moderate income housing funds and/or housing units counted to meet the Agency’s project area housing production or replacement housing obligations. The Agency is not liable or responsible for any errors or omissions in this list or for any actions by any person, firm, or entity as a result of the posting of this list. For further information you may contact the Housing Manager (949-461-3471) at the Lake Forest Redevelopment Agency.
Property Address: 21041 Osterman Road 22702 Madrid 22706 Madrid
