AgdaPkt 2004-07-12 - Laserfiche WebLink

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1. A -5 REDEVELOPMENT HOUSING BUDGET FY 2004/05 Agency Housing Work Program The goals and priorities for housing funds for FY 2004/05 continue previous year's efforts regarding the expansion of affordable housing opportunities. In addition to the continuation of the home improvement loan Program, priorities include the following: 1. Continuing negotiations with First Community Housing and Habitat for Humanity regarding the development of the EI Camino RealNera Street site. It is anticipated that disposition and development agreements will be brought forward for Council/Agency Board action during FY 2004/05 and entitlements obtained for the development of the property with affordable housing. 2. Continue the identification of suitable sites for affordable housing development. Staff is currently examining the feasibility of a joint child care/senior housing project on Bradford Street. A concept for the development of a project on Fulton Street that would build efficiency units is also being explored. 3. Completion of the Habitat Rolison Road project, which includes the completion of the remaining offsite improvements to the alley. 4. Administration of the set-aside requirement for the Marina Shores development for affordable units constructed off site. 5. Development and adoption of a new five year implementation plan required pursuant to State redevelopment law. 6. Completion of an affordable housing strategy. 7. Continue discussions with the housing developers regarding development of mixed-use, market-rate and affordable housing products in the downtown. Deposit to Housing Fund While analyzing the revenues available for the prospective 2003 Redevelopment Agency bond issue a question was raised about the large deposit the Redevelopment Agency general fund has been making into the Agency's housing fund. After reviewing the relevant documents bond counsel advised us that the Agency has been depositing more funds into the housing fund than we are required to under the agreement between the Agency and the Legal Aid Society of San Mateo County. This agreement, which was entered into in 1990 when the Agency created the 2nd Amendment area, requires that the Agency deposit the amount of property tax increment being waived by the County of San Mateo (attributable to the 2nd Amendment area) into the housing fund. Special Counsel to the Agency was also asked to provide an opinion on this matter and has confirmed bond counsel's opinion. Staff is proposing that, in accordance with the 1990 agreement Legal Aid Society, the amount waived by the County continue to be deposited into the housing fund but that no additional funding be made from the Agency's general fund into the housing fund since the amount waived by the County is in excess of the 20% statutorily required deposit. This will provide an additional $900,000 in resources annually to the Agency's general fund. Page 3 of 4 -' , .