AgdaPkt 2004-07-12 - Laserfiche WebLink

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~1.A-1 \ at the time the budget was prepared. It is anticipated that required payment will ultimately be even higher, depending upon the final State budget. The budget may need to be amended after adoption, once the State budget is adopted. REDEVELOPMENT HOUSING BUDG ET The City Council/Agency Board priorities for housing continue to be focused on increasing affordable housing opportunities in the community, especially seniors and teachers. Education regarding density and design issues also continues to be a priority. The work program for FY 2003/04 saw accomplishment in these areas, as follows: 1. Home improvement loans: During the program year, staff completed rehabilitation on 268 units (24 single family units and 244 multifamily units). 2. EI CaminoNera Street: Exclusive Rights to Negotiate (ERN's) were executed with First Community Housing and Peninsula Habitat for Humanity for the proposed development of 60 rental units and nine ownership units for low and very low income persons. 3. Hallmark Apartments: Assistance was provided to KDF Communities to acquire 72 units of rental housing and convert the market rate units to affordable housing. Rehabilitation of the units is complete. 4. Redwood Court: Assistance was provided to MidPeninsula Housing Coalition to acquire and rehabilitate 27 units. This assistance enabled the units to remain affordable to low and very low income persons. Work Program for FY2004/05. 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 i dentifi cati on 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 a contract with Peninsula Habitat for Humanity for the completion of the remaining offsite improvements to the alley scheduled for Agency/Council consideration in July 2004. 4. Administration of the set-aside requirement for the Marina Shores development for affordable units constructed off site. 07/12/04 .Final Redevelopment Agency Budget For FY 2004105' Page 4 of 5 , - ~..,