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<br />..5: 4 tZ - /s- <br /> <br />Work Proqram for FY 2005/06 <br />The goals and priorities for housing funds for FY 2005/06 continue previous <br />year's efforts regarding the expansion for affordable housing opportunities. In <br />addition to the continuation of the home improvement loan program, priorities <br />include the following: <br /> <br />1. Construction of the FCH rental units on EI Camino is scheduled to <br />begin in August, 2005, It is anticipated to be a two year process. It is <br />anticipated that construction of the ownership units will not begin until <br />next fiscal year at the earliest as those parcels are being used as a <br />staging and construction area for the FCH development until <br />completion of the underground parking facility. <br />2. Staff will continue to work with the property owner on Bradford <br />regarding the acquisition of that parcel. If successful, a Request for <br />Qualifications/Proposals process will be initiated to select a developer <br />for senior housing and a child care facility (if determined feasible) on <br />the assembled site. <br />3. The Downtown Precise Plan is scheduled for completion. It will <br />address issues related to height, density, traffic impacts and transit and <br />pedestrian linkages as well as affordability. An environmental impact <br />review will be required for adoption, <br />4. Staff will continue to work with developments such as the proposed <br />project on Fuller Street to develop projects consistent with the <br />guidelines and regulations being developed as part of the Downtown <br />Precise Plan. As appropriate, site specific precise plans may be <br />considered, if timely. <br />5. Continue the search for suitable sites and opportunities for affordable <br />housing development. <br />6. Continue discussions with housing developers regarding development <br />of mixed-use, market-rate and affordable housing products in the <br />downtown, <br /> <br />Housinq Capital Budqet <br />Additional capital funding is recommended in the FY 2005/06 housing budget <br />(Exhibit C-"158/806 Housing") as follows: <br /> <br />1. Agency assistance of an additional $360,089 is recommended for the <br />FCH project on EI Camino Real and Vera Ave. This allocation, <br />combined with monies allocated in the FY 2004/05 budget, FY 2005/06 <br />CDBG funding and grants obtained provides the funding required <br />pursuant to the DDA. <br />2. Make available $820,000 in additional funding for the Bradford Street <br />Project, if determined feasible in terms of voluntary acquisition. CDBG <br />and HOME funds have also been recommended for this site ($100,000 <br />and $333,215, respectively). <br /> <br />REDEVSHARED_2005 STAFF REPORTS_07-2005Jinal Redevelopment Agency Budget for FY 2005/06 <br /> <br />5 <br /> <br />-_..-.r- <br />