Laserfiche WebLink
� <br /> � �- . � � <br /> ultimately be even higher, depending upon the final State budget. The budget may <br /> need to be amended after adoption, once the State budget is adopted. <br /> REDEVELOPMENT HOUSING BUDGET <br /> The City Council/Agency Board priorities for housing continue to be focused on <br /> increasing affordable housing opportunities in the community, especially seniors and <br /> teachers. Education regarding density and design issues also continues to be a priority. <br /> The work program for FY 2003/04 saw accomplishment in these areas, as follows: <br /> 1. Home improvement loans: During the program year, staff completed <br /> rehabilitation on 268 units (24 single family units and 244 multifamily units). <br /> 2. EI Camino/Vera Street: Exclusive Rights to Negotiate (ERN's) were executed <br /> with First Community Housing and Peninsula Habitat for Humanity for the <br /> proposed development of 60 rental units and nine ownership units for low and <br /> very low income persons. <br /> 3. Hallmark Apartments: Assistance was provided to KDF Communities to <br /> acquire 72 units of rental housing and convert the market rate units to <br /> affordable housing. Rehabilitation of the units is complete. <br /> 4. Redwood Court: Assistance was provided to MidPeninsula Housing Coalition <br /> to acquire and rehabilitate 27 units. This assistance enabled the units to <br /> remain affordable to low and very low income persons. <br /> Work ProQram for FY2004/05. <br /> The goals and priorities for housing funds for FY 2004-05 continue previous year's <br /> efforts regarding the expansion of affordable housing opportunities. In addition to the <br /> continuation of the home improvement loan program, priorities include the following: <br /> 1. Continuing negotiations with First Community Housing and Habitat for <br /> Humanity regarding the development of the EI Camino Real/Vera Street site. <br /> It is anticipated that disposition and development agreements will be brought <br /> forward for Council/Agency Board action during FY 2004/05 and entitlements <br /> obtained for the development of the property with affordable housing. <br /> 2. Continue the identification of suitable sites for affordable housing <br /> development. Staff is currently examining the feasibility of a joint child <br /> care/senior housing project on Bradford Street. A concept for the <br /> development of a project on Fulton Street that would build efficiency units is <br /> also being explored. <br /> 3. Completion of the Habitat Rolison Road project, which includes a contract <br /> with Peninsula Habitat for Humanity for the completion of the remaining offsite <br /> improvements to the alley scheduled for Agency/Council consideration in <br /> June, 2004. <br /> 4. Administration of the set-aside requirement for the Marina Shores <br /> development for affordable units constructed off site. <br /> 5. Development and adoption of a new five-year implementation plan required <br /> pursuant to State redevelopment law. <br /> 6/24/2004 "Proposed Redevelopment Agency Budget For 2004-2005" Page 4 of 5 <br />