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BUDGET SUMMARY:

The Agency's FY 2010-11 budget totals $6.18 million which includes a combined operating budget of $1.65 million, debt and other obligations totaling $3.83 million, and a projects and programs budget of $451,000. A FY 2010-11 year-end Housing Fund balance of nearly $251,000 is also proposed to slowly rebuild that fund and in anticipation of any further State actions.

Projects budgeted for FY 2010-11 are those recently prioritized and approved by the Agency Board. They include the completion of the Lopez Adobe retrofit and the next smaller phase of the Agency's redevelopment plan extensions (i.e. the 2011 Amendments or SB 211 plan amendments). Other projects planned for the coming year include technical assistance with the downtown business improvement district (PBID) feasibility and formation proceedings, and developing an "incentives toolbox" to attract downtown entertainment uses.

The Agency's commitment to affordable housing will also continue through financial subsidy and staff assistance. Specifically, the Agency will provide a total $250,000 subsidy for the Gangi and LA Partnership affordable housing developments at 1320 and 1422 San Fernando Rd. Agency staff will also facilitate permit approvals and assist a development team in preparing a low-income housing tax credit application for 131 Park Ave. These efforts will collectively yield 57 new rental units for low-income families, 100 very low and low-income rental units for senior citizens, and a green open space opportunity at 551 Kalisher St.

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