To remove impediments to federal and state housing funding for the City of El Monte without increasing local taxes, shall affordable, decent, and safe rental housing projects be constructed, developed, acquired, or converted by low-income housing providers, as designated by the City of El Monte, for low-income persons, including families, the elderly, and veterans, as applicable, for up to 500 units annually for 17 years, with an annual carryover for unused units?
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