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'THE Cl'tY <br /> <br />pLt ASANTON. <br /> Staff Report <br /> <br /> ~anuary 20, 2004 <br /> Homing <br /> <br />SUI~ECT I~VI~W OF ItOUS~NG COM~ dlSSION RECOMMENDATION TO <br /> ~LO~ ~ POT~ ~F A N~W ~O~L~ S~OR <br /> DE~PMENT ON ~EY~ A~N~ <br /> <br />STAff ~COM~NDATION: <br /> <br /> Au~o~ s~ to m~ ~& E~, a non-profit ho~ing ~mfio~ (~) <br /> m e~l~ &e ~fial for ~elol ,~g a 2.7~ac~ si~ lo~t~ on V~ey~ <br /> Avmue (ne~ to B~ch C~ek) w[ffi ~ aff~ble s~or ~ <br /> d~elopm~t. <br /> <br />S~Y ~s ~ ~ues~ Ci~ Co~ciI C ~ion ~g~d~g ~e co~en~ent of <br /> ~cmsions ~& E~ ~ing ~ yacht si~ (A~c~ent A) l~t~ on <br /> V~ey~d for a low-~come ~nior E om~g ~ject. <br /> <br />Honorable Mayor and Members of the City Council: <br />BACKGROUND <br /> <br />Staff has recently been approached by numerous de' elopers regarding potential affordable <br />housing projects and proposals. Some of these are r~lm ~ to ~pecific opportunities while others <br />are general inquiries related ~o compliance with thc In Jusionary Zoning Ordinance and other <br />City policies and requirements for affordable housing. <br /> <br />The Lower Income Housing Fund currently has a ! ~lance of approximately $10 million. <br />However, of the total amount, only approximately $6 t illion is uncommitted. The balance of <br />the fund has already been committed to provide ussista ce for approved projects, including the <br />City assisted living facility project, the Busch senior he ~sing development, and several smaller <br />projects. With the rate of new residential and corem rcial conslraction diminishing and the <br /> <br />SR: 04:021 <br />Page I <br /> <br /> <br />