AgdaPkt 2006-07-10 - Laserfiche WebLink

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88 will be talking with Legal Aid about both reinstituting higher deposits in FY 2008/09 arfctage 7 beyond to insure that the total original amount agreed to is paid within a specified time frame. REDEVELOPMENT HOUSING BUDGET In FY 2005/06, the Agency transferred the property on EI Camino Real and Vera S1. to First Cornmunity Housing and construction began on 58 low and very low income rental units. The Agency was also successful in obtaining $500,000 in Community Development Block Grant (CDBG) funds from San Mateo County for this project. Another $200,000 of Redwood City's CDBG funds was allocated to this project as well, completing the Agency's financial obligation for just over $2.6 million in assistance for this project. This project is scheduled for completion in approximately one year. Negotiations continue for the acquisition of a parcel on Bradford St. to complete the assembly of land for a proposed residential senior citizen and child care project. The identification of sites for housing remains a challenge and priority. There is a high level of interest in market-rate, for-sale projects as well as affordable rental projects. The challenge is the high cost of land as well as the lack of sites. Staff continues to spend a great deal of time searching for and analyzing sites as well as talking with developers and land owners about prospective opportunities. There seems to be a number of individual private efforts underway to assemble parcels into developable sites as well, especially in the Downtown. Housing Operating and Capital Budgets The FY 2006/07 operating budget for housing set-aside funds is basically the same as FY 2005/06, Part of the work prograrn for FY 06/07 will include the development of a housing affordability strategy in conjunction of the Housing and Human Concerns Committee and the public review process for the Downtown Precise Plan. Additional capital funding of $74,000 is recommended for Habitat for Humanity to honor the Agency's obligation in the Disposition and Development Agreement with Habitat for gap financing for the townhouse ownership units to be built on Lincoln Ave. near EI Camino Real. Another $1 million in set-aside funds is budgeted in the capital budget for general land assembly and gap financing purposes and most likely will be recommended for use on the Bradford Site, assuming that project moves ahead. ~~~ Susan Moellér Redevelopment Manager Ed Everett City Manager I Patterson Community Development Services Director Attachments 1. RDA General Operating and Capital Budget Summary 2. RDA Housing Operating and Capital Budget Summary 3. Proposed Redevelopment Budget (Combined) 1:2006 STAFF REPORTS AND AGREEMENTS_O6-2006_Budget 4