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� � ' ( I <br /> 6. Completion of an affordable housing strategy. <br /> 7. Continue discussions with the housing developers regarding development of <br /> mixed-use, market-rate and affordable housing products in the downtown. <br /> Housing Capital Budget <br /> The capital budget for Redevelopment housing funds proposes two new allocations <br /> (see Exhibit B). An additional $680,867 in funding is recommended for the EI <br /> CaminoNera Street site pursuant to the proposal received from First Community <br /> Housing and Habitat. The proposed capital budget also recommends the allocation of <br /> $1,127,438 as general support for project opportunities that may arise during the course <br /> of the fiscal year. <br /> Housinq OperatinQ Budaet <br /> The proposed operating budget for housing for FY 2004/05 provides the funding for <br /> continuation of the home improvement loan program, as well as the administrative <br /> support required to implement the work program described above. The budget for <br /> employee services reflects an increase of $188,795 for staff cost in Redevelopment as <br /> well as Planning and the City Attorney's office. This increase is in anticipation of the <br /> increased staff time to be allocated to housing issues and housing development <br /> opportunities. It is anticipated that most if not all of the opportunity sites identified in the <br /> downtown area plan will be developed with housing. This is substantiated by the <br /> housing element recently approved by the State, which projects the development of <br /> 2,600 to 3,400 housing units in or near the downtown at build out. Additional funding for <br /> outside attorney fees is also proposed, in order to provide the support anticipated to be <br /> required for development agreements. <br /> 6/24/2004 "Proposed Redevelopment Agency Budget For 2004-2005" Page 5 of 5 <br />