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<br />6.1C <br />Page 2 <br /> <br />Fiscal Impact <br />The total cost of this action is $700,000 as previously approved by Council. In March <br />2005, when the DDA was approved, Council authorized staff to apply to San Mateo County <br />Office of Housing for CDBG funds and received $500,000 from the County. In May 2005, <br />the Council approved an additional $200,000 in Community Development Block Grant <br />funds as part of the City's Consolidated Plan adoption. The City will advance $700,000 to <br />First Community Housing and seek reimbursement of $500,000 from the San Mateo <br />County Office of Housing. <br /> <br /> <br />ebbi ones- 0 s <br /> <br />~USi"9 ;;° <br />.------ <br /> <br />Joel Patterson <br />Community Development Services Director <br /> <br />/~ <br />.~~4-( ~. <br />Susan Moeller <br />Rede. '//:.nl Ma~. ~er - <br />( ?jtLt. <br />~ .' ,-/ <br />Ed ere <br />City Manager <br /> <br />Attachments <br />1. Agreement between County of San Mateo, City of Redwood City, and First Community Housing <br />to assist with Villa Montgomery Affordable Housing Project for the period 01101106 to 12/31/06 <br />2. Affirmative Marketing Plan for Villa Montgomery Multjfam~y Housing Section 504 and Home Setaside Units <br /> <br />1:\2006 STAFF REPORTS, AGREEMENTS\O3-2QO6\FCH Villa Montgomery Funding Agreement <br /> <br />2 <br />