(

a) Subject to the provisions of subdivisions (

a) and (

b) of

Section 33478, not less than percent of all taxes which are allocated to the redevelopment agency pursuant to

Section for redevelopment projects merged pursuant to this article, irrespective of the date of adoption of the final redevelopment plans shall be deposited by the agency in the Low and Moderate Income Housing Fund established pursuant to

Section 33334.3, or which shall be established for purposes of this section, except if the agency finds that not less than percent of the housing units within its jurisdiction receive subsidies to make such units affordable to low- or moderate-income households. The agency shall use the moneys in such fund to assist in the construction or rehabilitation of housing units which will be available to, or occupied by, persons and families of low or moderate income, as defined in

Section 50093, and very low income households, as defined in

Section 50105, for a period of not less than years. For the purposes of this subdivision, “construction and rehabilitation” shall include acquisition of land, improvements to land; the acquisition, rehabilitation, or construction of structures; or the provision of subsidies necessary to provide housing for persons and families of low or moderate income, as defined in

Section 50093, and very low income households, as defined in

Section 50105. (

b) The agency may use the funds set aside by subdivision (

a) inside or outside the project area. However, the agency may only use these funds outside the project area upon a resolution of the agency and the legislative body that such use will be of benefit to the project. Such determination by the agency and the legislative body shall be final and conclusive as to the issue of benefit to the project area. The Legislature finds and declares that the provision of replacement housing pursuant to

Section is of benefit to a project. The Legislature finds and declares that expenditures or obligations incurred by the agency pursuant to this

section shall constitute an indebtedness of the project. (

c) If moneys deposited in the Low and Moderate Income Housing Fund pursuant to this

section have not been committed for the purposes specified in subdivisions (

a) and (

b) for a period of six years following deposit in that fund, the agency shall offer such moneys to the housing authority which operates within the jurisdiction of the agency, if activated pursuant to

Section 34240, for the purpose of constructing or rehabilitating housing as provided in subdivisions (

a) and (b). (

d) Notwithstanding subdivision (

d) of

Section 33413, any agency which merges its redevelopment project areas pursuant to this

article shall be subject to the provisions of subdivisions (

a) and (

c) of

Section 33413.