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<br /> t.,4l1 <br /> Since it is recommended that this correction be made effective in FY2003/04, the <br /> proposed FY2004/05 Agency general fund budget contains about $1.8M ($900,000 per <br /> year X two years) in additional resources. <br /> Housing Capital Budget <br /> The proposed housing capital budget includes two new allocations: <br /> 1. An additional $680,867 in funding for the EI CaminoNera Street affordable <br /> housing project pursuant to the proposal received from First Community <br /> Housing and Habitat for Humanity. <br /> 2. $1,127,438 for housing opportunities that may arise during the course of the <br /> fiscal year. <br /> In addition to the $1.8 million listed above, the Agency has budgeted approximately $2.8 <br /> million in the current fiscal year for housing projects. These include: <br /> First time homebuyers $200,000 <br /> Home Improvement Loans 306,290 <br /> Douglas Street Acquisition 44,593 <br /> Redwood Court 500,000 <br /> Hallmark Apartments 150,000 <br /> EI Camino Housing 1,598,772 <br /> Housing Operating Budget <br /> The proposed housing operating budget includes: <br /> 1. Continued funding for the home improvement loan program <br /> 2. Administrative support for the housing work program described above. <br /> 3. An increase of $188,795 for staff cost in Redevelopment, Planning and The <br /> City Attorney's office to reflect increased staff time devoted to housing issues. <br /> Conclusion <br /> State redevelopment requires the Agency to file with the State an annual review of <br /> goals and a work program and the goals for the coming year, as well as a review of the <br /> previous year's work program and accomplishments. These documents are part of the <br /> attached budget report. <br /> . <br /> Page 4 of 4 <br />