AgdaPkt 2003-07-14 - Laserfiche WebLink

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ID-B47 * Shown for Information only. HOUSING BUDGET The City Council priorities for housing focus on increasing affordable housing opportunities for teachers and seniors as well as education regarding density and design issues. The proposed Housing budget, both Capital and Operating, continue to further these goals by targeting resources on the creation of expanded affordable housing opportunities. The proposed Housing Capital Budget includes the following projects: 1. Douglas Street Rehabilitation This is a continuing project acquired in 01 -02 and funded for rehabilitation in 02/03. Fund balance reflects the work yet to be completed for these two units which will be used to provide affordable housing for school teachers. 2. El Camino Housing Funds budgeted for this activity will support the construction of new affordable housing units for school teachers. Approximately 45% of the total units will be reserved for this purpose. This budget will provide gap financing to make this targeting possible. A portion of these funds will be used to maintain the security of the site until a developer is selected later this year. 3. Housing Relocation The program was funded in prior years to provide relocation replacement housing assistance for tenants displaced from the El Camino Vera housing site. This budget represents the total obligation remaining to be paid during the 48 month term. 4. Housing Projects This budget provides for an incentive to developers and non - profit organizations to build and own affordable housing units. These funds may be allocated for site acquisition, acquisition /rehabilitation or gap financing to convert market rate housing to affordable status over a 45 -55 year period. 5. Home Improvement Loans The Home Improvement Loan Program is primarily funded from federal Community Development Block Grant (CDBG) funds. $500,000 in Redevelopment funds was budgeted to supplement federal monies by providing funding for lead paint inspections and removal of lead hazards; to provide aesthetic improvements in low- income neighborhoods by providing painting grants and other improvements not permitted with federal funds; and to promote the preservation of historic properties in the Historic District. 6. First Time Homebuyer Program These funds will be used to make silent second mortgages to two school teachers who received reservations during the 02 -03 program year. 7. Hallmark Apartments This project is an acquisition rehabilitation project that will convert 72 market rate units to units affordable to low and very low income households. 8. Redwood Court These funds support an Owner Participation Agreement approved by the Agency in -- 02 -03 for $500,000 to assist MP Redwood Court Associates to acquire and rehabilitate 27 affordable housing units that would otherwise be converted to market rate rents.