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Attacl-6.3.C. - Page 7 RDA Housing Fund The Housing Work Program described below achieves the goals of the Agency's affordable housing requirements, which is to increase, improve, and preserve the supply of affordable housing for persons and families of low or moderate income according to Section 33334.2 of the California Health and Safety Code. Work Program 1. Acquire appropriate properties for development of affordable housing and /or p rovide gap financing such as issuing a notice of funding available NOFA 2. Ensure that 15 percent of all new market rate residential development in the p roject area incorporate afforda ility covenants 3. Negotiate the inclusion of 15 percent affordable units in projects outside the redevelopment project area 4. Resolve the environmental issues on the Bradford site, reaffirm project program and scope, and issue an RFQ /RFP for developer selection of affordable senior housing with possible childcare. 5. Develop policies to insure compliance with the Agency's production requirements under State law 6. Lead the public outreach and decision - making process to determine options for redevelopment of the Heller St. propert 7. Continue to audit all affordable covenants to ensure compliance 8. Continue the Rehabilitation Program including the lead based paint grant service to reduce or eliminate lead based hazards in low- income single family and multifamily units. PROPOSED EXPENDITURES, INDEBTEDNESS, AND REVENUES RDA General Fund (see Exhibit A) The proposed operating budget for the Agency's general fund in FY 2011/12 anticipates approximately $7.99 million estimated revenues. This amount contains the anticipated tax increment and estimated beginning fund balance. Tax increment revenue is expected to increase slightly from the prior fiscal year. Interest revenue is projected to be $6,000 due to the continued drawdown of funds for capital projects completed over the last 7 Y2 years. Separate from the operating budget is the ongoing capital projects that shows the remaining balances listed in the back of this report. Expenditures include debt service of approximately $1.86 million for the 2003 tax allocation bond. Pass - through payments to other taxing agencies are expected to be the same as the prior year at about $1.78 million. 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 Agency will be making the second repayment to the Housing Fund for the SERAF borrow of $562,568. The administrative Taxing agencies include, but are not limited to, Redwood City School District, San Mateo Office of Education, San Mateo County Harbor District, and Sequoia Union High School District.