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City's assigned housing obligation for the review period. The City is only required to demonstrate that it maintains the capacity to accommodate the assigned housing obligations, and is not required to construct the projects. In order to demonstrate sufficient housing capacity, the updated Housing Element includes an updated site inventory of parcels within the City that have appropriate zoning and could feasibly be developed with housing to meet the assigned RHNA goals for the current planning period. A summary of the inventory table has been included as Table 1. The preparation of an inventory of land suitably zoned to meet the City's housing need and the necessary rezonings was a large component of the last Housing Element Update. Based on the current residential site inventory, the City does not anticipate having to rezone any properties to meet the City's housing needs during the current Housing Element Update. Table 1: Estimated Current Capacity Income Levels Very Low Income Low Income Moderate Income Above Moderate Income Total 3,359 Inventory Total 1,482 1,515 362 2014 -2022 RHNA 1,107 407 553 2,067 RHNA Surplus /Shortfall +375 +1,108 -191 +1,292 DISCUSSION Background Report and Goals, Policies and Programs As required by State law, the Housing Element Background Report describes the current status of housing in the City and reviews progress in meeting housing objectives of the 2007 -2014 Housing Element. The updated Background Report contains an overview of the City housing market for the various economic segments of the community and household trends, assesses existing and future housing needs and identifies governmental and non - governmental constraints in meeting housing needs. The majority of changes within the Background Report help to incorporate new updated housing and population data as well as changes consistent with new State law and recent court decisions. The previous Housing Element included a comprehensive update that included reviewing all Goals, Policies and Programs which were guided by the Housing Element Update Taskforce. With the comprehensive update completed in 2012, staff is recommending that most of the programs included in the 2007 -2014 Housing Element be carried forward with minor adjustments and refinements where necessary. Changes made to the updated Goals, Policies and Programs were made to remove programs completed or consistent with Code, implement changes required by new State law and /or court decisions, or to implement changes recommended by the Housing and /or Planning Commissions. The Economic Vitality Committee has recommended that the City Council include a new Policy and Program to reference the importance of the City's Economic Development Page 3 of 8