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<br />IÞA -~ <br /> <br />Expenditures <br />The following charts show the proposed projects to be started or continued in 2000-2001. The total <br />proposed expenditures exceed revenues because the two Agency funds had opening fund <br />balances. <br /> <br />Housing Expenditures <br /> <br />Fund 806: Housing General Fund <br /> <br />First Time Homebuyer Program 1,500,000 <br />Habitat 100,000 <br />Site Acquisition 837,556 <br />Home Improvement Loans 300,000 <br />Debt Service 284,822 <br />Administration 666,878 <br />TOTAL 3,689,256 <br /> <br />First Time Homebuyer Program <br />During the February-May, 2000, a Committee appointed by the Agency Board crafted a <br />recommendation for a First Time Homebuyer Program. This budget proposes to fund this program <br />at $1,500,000 during 2000-2001. <br /> <br />Habitat Rolison Road Project <br />The Habitat project on Rolison Road has just begun. The Agency assembled the site, relocated the <br />tenants, demolished the improvements and ensured that the property was free of soil and <br />groundwater contamination. The land was then transferred to Habitat, who will build 36 units of for- <br />sale housing. They have already started site work and they will conduct an intensive volunteer- <br />building session later this year. Their intention is to finish seven units during this fiscal year. <br /> <br />Site Acquisition <br />The Agency has been considering the acquisition of various sites for child-care associated with <br />housing, and sites for new affordable housing. The funds listed as 'housing projects' would assist <br />this site acquisition effort. <br /> <br />Home Improvement Loan Program <br />The City has operated a Home improvement Loan Program since 1974. This has always been <br />funded by the Community Development Block Grant (CDBG) Program. As part of staffs efforts to <br />redesign this program, it is proposed that the Agency provide funds to make low interest loans. This <br />will provide the program with more resources, and also enable it to serve a population that could <br />not be assisted with CDBG funds.2 <br /> <br />2 The CDBG program can only assist households up to 80% of median income. Redevelopment funds <br />can assist households up to 120% of median. <br /> <br />6 <br /> <br />- T <br />