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CCHT Request for Funding Discussion- Page 1 of 1 <br />REQUEST FOR HRA DISCUSSION <br /> <br />Date: 9-19-06 <br />Item No: 9.a. <br />Director Approval: Agenda Section: <br /> CB Discussion Item Description: Discuss Central Communi ty Housing Trust’s Request for Public <br />Funding Assistance for Har Mar Apartments Renovation (HF0039) <br /> <br />1.0 Background <br /> <br />1.1 At the August HRA meeting, the HRA review ed preliminary project tax increment <br />information with HRA Attorney Jim Casserl y. Several questions were generated and <br />additional project information has been coll ected on the project fi nancing and source and <br />uses of funds. <br /> <br />1.2 Mr. Casserly’s office and CCHT are continuing to evaluate the project financing and will be <br />prepared to present findings at the HRA meeti ng in October associated with the need for <br />$350,000 in HRA upfront funding and need to establish a tax increment district for the <br />project. <br /> <br />1.3 However, attached for your information is a report prepared by the Family Housing Fund <br />regarding worker affordability and what type of occupations can afford to pay different <br />levels of rent. This will give you an idea of the need to continue to provide rental housing <br />for local workers within these occupations. <br /> <br />2.0 Suggested HRA Discussion <br /> <br />2.1 There is no specific action request regarding the project at this time.