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<br />80 <br />Page 17 <br /> <br />1. Expenditures in FY 2004105 - FY 2006/07 <br /> <br />As anticipated in the Implementation Plan, the Agency's expenditures over the past three years <br />have focused on subsidizing the development of the 58-unit Villa Montgomery apartment project <br />and the 8-unit Habitat for Humanity development and assembling the Bradford Street site. As <br />shown on Table 5, expenditures from the Low and Moderate Income Housing fund totaled $6.7 <br />million over the past three years. Through these expenditures, the Agency directly contributed to <br />the addition of 36 Very Low income housing units and 30 Moderate income housing units to the <br />City's affordable housing stock. Additionally, the assemblage of the Bradford Street property will <br />directly contribute toward the future development of approximately 76 affordable units. <br /> <br />2. Housing (Low/Moderate Income) Fund Resources - FY 2007/08 and 2008109 <br /> <br />The Agency receives revenue solely from the property tax increment on property within the <br />redevelopment area and from interest on fund balances. Upon receipt, this revenue is divided <br />into two funds. These funds are identified as: Fund 806 - Housing General Fund and Fund 807 <br />- Agency General Fund. The Redevelopment Law requires that no less than 20% of gross tax <br />increment must be deposited into Fund 806 and used strictly for low- to moderate-income <br />housing activities. In addition, the Agency is subject to an agreement with the Legal Aid Society <br />that has been projected to result in a housing set-aside in excess of the 20% requirement in <br />Fiscal Years 2008/09 through 2010/11. <br /> <br />As shown below, after debt service payments and payments to satisfy the Legal Aid Society <br />obligation, it is anticipated that a total of $7.79 million of funds will be available over the <br />remaining two fiscal years. Approximately $2.0 million of the total has been dedicated to a <br />"Iandbanking" fund for the purpose of assembling sites. <br /> <br /> FY 2007/08 FY 2008/09 <br />Beginning Balance $2.37 million $4.33 million <br />Anticipated Gross Low/Mod. $2.25 million $2.45 million <br />Tax Increment Revenues <br />Plus Legal Aid Society Deposit $0 $1.30 million <br />Less Debt Service Obligation -$0.29 million -$0.29 million <br />Net Housing Fund Resources $4.33 million $7.79 million <br /> <br />Keyser Marston Associates, Inc. <br />\\Sf-fs1\wp\ 18\18610\1861 0.005\002-002.doc; 1/17/2008 <br /> <br />Page 11 <br />