AgdaPkt 2010-07-12 - Laserfiche WebLink

Browse Search

6.38 Page 7 Attachment 2" RDA Housing Funds The work program and goals for the use of housing funds for FY 2010/11 are as follows: 1. Analyze Agency funding capabilities for the accelerated development of affordable housing. 2. Assist in securing a market-rate for-sale residential project for the downtown as part of the DPP implementation. 3. Complete environmental work, reaffirm project program and scope, and select a developer for the Bradford Street Project. 4. Continue to accumulate funds in a uLand banking/Gap financing" account to be used to acquire land for and/or subsidize construction of future affordable housing sites. 5. Continue to pursue acquisition of strategic sites in the Redevelopment area for housing projects. Acquire at least one site in FY 10/11. 6. Complete construction of the Cedar Street Project. 7. Lead the public outreach and decision-making process to determine options for redevelopment of the Heller St. property 8. Continue implementation of the plan for 1306 Main Street, including transfer of property to an affordable housing management organization who can also provide services to the very low income residents. 9. Continue the rehabilitation of aging single family and multi-family residential structures to preserve and improve housing for qualified residents. 10. Continue development of policies to insure Agency compliance with affordable housing production requirements under State law. PROPOSED FY 2010/11 BUDGET RDA General Fund (See Exhibit A) The proposed operating budget for the Agency's general fund in FY2010/11 reflects some changes from the 2009/10 budget. Tax increment revenue is expected to decrease slightly due to an overall decrease in property tax revenue to approximately $7,830,992. Interest revenue is only $3,800 due to the continued drawdown of funds for capital projects completed over the last 6 Y2 years. Expenditures include debt service of $1,860}13 for the 2003 tax allocation bond. This reflects the first year of both principal and interest payments. Pass-through payments to other taxing agencies will be slightly higher than the previous year at $1,778,880. The interest payment on the City loan of $354,844 is stipulated in the Debt Service Schedule of the loan agreement executed in 2005. The first repayment to the Housing Fund for the SERAF borrow will be $562,568. All other operating costs remained basically constant, including Downtown Development Programs (events and marketing), which is budgeted to be $335,950. There is no reduction in funding for Downtown Programming 3