AgdaPkt 2004-12-13 - Laserfiche WebLink

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` / � At the outset of fiscal 2004-2005, the General Housing Fund had a balance of $2,005,068. The revenue for the fiscal year is projected to be $1,446,365 net of debt service. Over the next five years housing fund deposits are expected to average $2,500,OOOt per year with annual increases of approximately 5% expected. This projection includes the housing fund's annual interest earnings, at the assumed interest rate of 5.5%. From these annual revenues, annual debt service to amortize the 1991 bond issue must be spent, in the amount of $286,900. In summary, the Agency will have approximately $12 million of revenue for housing programs over the next five-year plan period, from January 2005 through December 2009. 2. Housing Fund Programs, Projects, and Expenditures To increase the supply of affordable housino in Redwood City, the Agency is proposing a budget appropriation of $2.1 million for housing purposes in 2004-2005. In terms of housing projects, the significant projects for the Agency to pursue in 2004-2005 will be to complete the EI Camino/Vera Project, the site acquisition for Bradford Street, and the revision of the Agency's First-Time Homebuyer Program. Additionally, during the Implementation Period, the Agency intends to assist with the development a very low-income efficiency unit complex on Fulton Street and facilitate affordable housing on other sites in the Downtown. Altogether the Agency expects to expend approximately $2.3 million per year on affordable housing over the next five years. The Agency will only undertake those projects that are feasible given the resources at the time and there is no commitment to undertake projects beyond the resources of the Agency. 3. Expenditures Relative to tf�e Communify's Need Under California Health and Safety Code Section 33334.4, the Agency must target its Housing Fund expenditures to assist: (1) low- and very low-income households in proportion to the units needed to assist such households as determined by the regional fair share allocation; and (2) all persons regardless of age in at least the same proportion as the community's population under age 65 years to the community's total population, according to the most recent census. These "Housing Fund Targeting Requirements" must be satisfied for ten-year periods throughout the life of the Plan, with the initial period extending 13 years, from January 2002 through December 2014. 2 Final adopted budget 3 Source: Fraser Associates, 11/16/2004 projections. 4 Note: Loans for Redwood Court and Hallmark are included as Capital Project expenditures in the Agency's budget but not as expenditures in its annual audited Statement of Revenues and Expenditures. For the purpose of this text, these loans have been inGuded. Keyser Marston Associates, Inc. '.6610A01\030-003; 12/6/2004; DRAFT 28