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113 APPROpR,~ ,TION: $400,200 - GRANT TO PIEDMONT HOUSENG ALLIANCE (PAGE STREET AREA) Mr. Satyendra Huja, Director of Strategic Planning, said that this proposal provides an opportunity for housing rehabilitation in the 10th/Page Street neighborhood. Piedmont Housing Alliance will acquire 13 properties; some will be demolished and some will be rehabilitated. The City's total initial investment is $351,500, and $180,000 is anticipated to be returned to the City. Respording to a question from Ms. Richards, Mr. Huja said the purchase price of the properties after rehabilitation will be in the $70,000 to $85,000 range. Responding to a question from Mr. Toscano, Mr. Huja said that there will be very little housing money left in the capital budget after this project, but it is expected that there will be $71,000 leftover from the Hinton Avenue project. Mr. Toscano noted that the City will not be able to do another big housing project for awhile. Mr. Chris Cullinan, Budget Director, said that $150,000 will be available for housing projects after July t. Mr. Cox said he is starting to think that allocating $200,000 a year for housing is not enough, and said Council may decide at its retreat to increase this amount in the future. Mr. Cox askeA if there are any additional capital costs to the City related to these projects. Mr. Huja said that there may he some capital costs for landscaping and sidewalks in conjunction with these projects, and said that the amount of the appropriation above $351,500 could be used for this purpose. Ms. Richards said she does not think fimds for that purpose should come out of housing initiative funds. Mr. Toscano asked why the appropriation is for $400,000 if only $351,500 is needed. Mr. O'ConneI1 said the amount of the appropriation needs to he reduced. Reswonding to a question from Ms. Richards, Mr. Huja said that Piedmont Housing Alliance will be getting 4% of the sale price. Mr. O'Connell suggested that staff put together a package of other improvements that would fit with the larger neighborhood. Mr. Cox said discussions have been held about landscaping along loth Street as an extension of 9th/10th Street. Mr. Huja suggested this be done as part of the Comprehensive Plan. Mr. Cox made a motion tO approve an appropriation of $351,500 for the Piedmont Housing Project in the page Street/10~ Street area, Ms. Richards seconded the motion and it was carried over to the next meeting for consideration. Mr. Toscano asked Mr. Huja to review the percentage ofhomeownership in the area now versus after the project is completed. Mr. Huja said that there are 104 units total in the area. On Page Street west of 10th there are 31 units, 11 are now owner- occupied, af~ep, vards 15 will be. On t0 1/2 Street there are 35 ~s, 10 are now owner- occupied, afterwards 13 will be. On l0th Street there are 39 units, 9 are now owner- occupied, afterwards 12 will be.