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<br />6.2A
<br />Page 10
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<br />identify a developer through the RFP process by the endPag8l"l&
<br />calendar year. .
<br />. Break ground on the 16 units for Mental Health Association project by the
<br />end of the fiscal year,
<br />. Close escrow and break ground this summer on the Habitat for
<br />Humanity town homes on Lincoln Ave.
<br />. Development of policies to insure compliance with Agency's housing
<br />production requirements under State law.
<br />
<br />Accomplishments in FY 2007/08 included completion of the Villa Montgomery Project,
<br />which opened fully occupied in September, 2007. This project provides 58 units of very
<br />low and extremely low-income apartments, ranging in size from studio apartments to 3-
<br />bedroom family units. Habitat for Humanity began construction on its ownership project
<br />on the site adjacent to the Villa Montgomery Project. The Habitat project will consist of
<br />eight ownership town homes and is scheduled to be completed in spring of 2008.
<br />Additionally, it is expected that a 15 unit very low income project sponsored by the
<br />Mental Health Association will begin construction by the end of FY2008/09.
<br />
<br />The request for qualifications/proposals process for the Agency-owned Bradford site will
<br />be initiated early in FY 2008/09 in anticipation of selecting a developer and negotiating a
<br />development agreement by the beginning of FY 2009/10. Programmatic direction from
<br />the ROA Board is a combination of senior housing and daycare services.
<br />
<br />The Agency continues to acquire sites for future affordable housing, as in the
<br />acquisition of 611 Heller Street in FY 2007/08, and to negotiate. for the inclusion of 15%
<br />affordable units in all multi-family projects that come before the City for approvals.
<br />Additionally, the Agency continues to facilitate the development of 100% affordable
<br />housing projects wherever possible throughout the City. The identification of sites for
<br />housing continues to remain a challenge.
<br />
<br />A total of six rehabilitation loans were processed during the fiscal year, for four single
<br />family and two multi-family loans, for a total of nineteen units. Fifteen individuals were
<br />assisted by the Minor Home Repair Program.
<br />
<br />Housing Operating and Capital Budgets
<br />pursuant to prior Agency Board direction, funding available for the affordable housing
<br />programs of the Agency will increase by over $1.9 million in FY 2008/09. due to the
<br />increase in tax increment revenues overall, and the reinstitution of higher payments to
<br />this fund pursuant to the agreement with the Legal Aid Society of San Mateo.
<br />
<br />The proposed Housing Operating Budget reflects only minor modifications for FY
<br />2008/09 and 2009/10, primarily slight increases reflecting a standard 5.4% increase
<br />annually for Employee Services, a standard 4.4% increase annually for Internal
<br />Services, and a standard 2% increase for other categories. The planning and general
<br />administrative expenditures to the Low-Mod Housing Funds are all required and
<br />necessary to fulfill the priorities of the Agency in terms of affordable housing
<br />requirements and goals. A very conservative approach has been taken and many of
<br />the administrative costs have been absorbed by the ROA General Operating budget.
<br />
<br />The proposed Housing Capital Budget recommends the allocation of $1.5 million to
<br />Housing Projects-GenerallLandbanking for general land assembly and gap financing
<br />purposes as well as another $1 mitlion specifically for the Bradford St. Project. prior to
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