CC Min 1998-07-06 Bdgt - Laserfiche WebLink

Browse Search

. . . - - Director Church said that the Agency Budget Housing Fund has allocated $100,000 for housing by a non-profit entity such as Habitat for Humanity. He said, "All the Housing Projects would be developed in concept by the Housing and Human concerns Committee, and we would come back to you with recommendations that you would then act on." He said all the projects in the Budget would come back to the Board for final consideration. Director Church described the First Time Homebuyer's program that has been allocated $350,000 in the proposed Budget, with $260,000 allocated in the CDBG program. He said there was a lack of definite projects in the proposed Budget, but the Agency Board had directed the HHCC to work on developing a project concept and to bring it back for the Board's consideration. Director Church said the HHCC was working on Council concerns that people not necessarily with low or moderate income, such as teachers and fire and police personnel, had difficulty buying homes in Redwood City. He said the Agency's money had strings attached and financial guidelines had to be followed, such as Block Grant money could be used for people at or below 65% of median incomes, and Agency money could be used for people with up to 120% of median incomes, which is about $78,000 for a family of four. Director Church described the HHCC's strategy to try and raise funds from the local business - community, "who have a very big say in trying to provide affordable housing in the community for their employees." Director Church described the on-going process concerning the Franklin Street Area Project and the anticipated some costs. He described the Landbanking Project which involves payments to the School District for the purchase of the Way to Go property, assuming that Project is approved. Director Church said the administrative costs of the Agency are split between the two basic Agency Funds, 806 and 807, Housing and Economic Development. He said the Tax Apportionment line item covers the payments that are passed from the County through the Agency to other taxing agencies, such as the School District and the Harbor District. Director Church said the last payment to the County for the Parking Structure was included in this year's proposed Budget. He described the $125,000 set aside for the Store Front Improvement Program which is a part of the Economic Development Strategy the Board approved two years ago, and $100,000 will be carried over from 1997/98 to add to that Program. Director Church said that Fund 807, the General Fund the smaller share of the Administrative Costs, includes expenditures for Professional Services and appraisers, as well as Agency staff. - BUDGET STUDY SESSION MINUTE BOOK NO. 57 JULY 6, 1998 MINUTES Page No. 047 PAGE 4