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INTRODUCTION <br /> <br />The Redevelopment Law requires the adoption of an annual budget that contains the <br />following items: <br /> <br />I. Review of 2001-2002 Work Program <br />II. Projected Revenues and Expenditures and Work Program for 2002-2003 <br />III. Proposed Indebtedness for 2002-2003 <br /> <br />The following sections provide the details for these three items. <br /> <br />I. REVIEW OF 2001-2002 WORK PROGRAM (HISTORY) <br /> <br />The following goals wera'defined in the Agency's 2001-2002 budget. They were divided <br />into 'housing', and 'economic development' categories. They are reviewed in this same <br />order: <br /> <br />Housinq <br /> <br /> 1. First Time Home Buyer Program <br /> The program was funded at $1,000,000 in 2001-02. The program made ten $100,000 <br /> silent second mortgages during the year. Over the 2+ year life of the program 18 loans <br /> have been made, assisting five teachers (three elementary, two high school), two City <br /> employees, six county employees and five people working for other firms/agencies in <br /> Redwood City (including Canada College, St. Vincent de Paul, Applied Bio-systems and <br /> Macromedia) <br /> <br />2. Housing Projects <br />$239,00Owas allocated to this activity during 2001-02. Some of these funds were used to <br />finance various professional services (environmental review, lead and asbestos abatement, <br />demoliti.o.n of four buildings, and fencing to secure the property) associated with the El <br />. Camino/Vera housing site. <br /> <br /> 3~ Home Improvement Loans <br /> The Home Improvement Loan Program is primarily funded from federal Community <br /> Development Block Grant (CDBG) funds. $200,000 in Redevelopment funds was <br /> budgeted to supplement federal monies by providing funding for lead paint inspections and <br /> removal of lead hazards; and to provide aesthetic improvements in Iow-income <br /> neighborhoods by providing painting grants and other improvements not permitted with <br /> federal funds. <br /> <br />4. El Camino/Vera Housing Site <br /> During 2001-02 four residential and one business tenant occupying the site were relocated, <br /> the structures demolished, and environmental analysis of the site completed. <br /> <br /> 3 <br /> <br /> <br />