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Fresno Revitalization Corporation, City adopt FY25-26 housing budget; $3.0M unencumbered for affordable housing development
Summary
The Fresno Revitalization Corporation and City Council approved the FY25-26 budget that allocates roughly $5.98M in agency funds, encumbered project obligations, and an available unencumbered program balance of about $3.0M targeted to affordable housing development and compliance with affordability rules.
The Fresno Revitalization Corporation (FRC) and the Fresno City Council approved the agency's fiscal-year 2025'26 annual budget and the related annual report on Thursday, a measure staff said will fund ongoing affordable housing projects and meet state affordability and expenditure tests.
Key numbers: staff presented an agency FY25-26 budget of just under $5,982,000, which includes a sizable carryover balance and an estimated program income of roughly $313,000. After accounting for personnel, operations and encumbrances for projects under contract, staff reported an available unencumbered program balance of approximately $3,000,739 designated for future affordable housing development.
Projects in the pipeline: staff briefed council on several active and near-complete projects that the budget supports: 22 self-help single-family homes at Annadale (22 units completed with 22 families closing escrow), a 17-home self-help project (phase 1 completed with most homes sold and phase 2 expecting certificates of occupancy soon), a 33-unit Heritage Estate single-family project by the housing authority, the 81-unit Hotel Fresno reconveyance (parking lot reconveyed following permanent financing), the 28-unit Mural Loft District workforce housing project (permitted for occupancy earlier this year, not yet full occupancy), early-stage rehabilitation work for the Berkeley Building by the Hispanic Foundation, and a 54-unit Cesar Chavez affordable project (land contribution, 4% tax credit application submitted).
Affordability constraints and allocations: staff reminded council of enforceable expenditure requirements tied to program funds: over a four-year period at least 30% of program funds must be expended for households at 30% AMI or below, and no more than 20% of program funds may be used for households between 60% and 80% AMI. To comply with the expenditure limits, staff proposed allocating FY25-26 funds across income bands, directing approximately $1,189,000 for 30% AMI and below and $2,550,000 for 30% to 60% AMI activities.
Council action and votes: the FRC adopted the budget in its joint meeting (vote recorded 8-0) and the city council approved the same budget in its council capacity (vote 7-0). Councilmembers thanked housing staff and partner organizations, including Self-Help Enterprises, for rapid completion of homeownership projects in Southwest Fresno.
Why it matters: the budget funds both pipeline projects and compliance activity that preserves long-term affordability commitments and leverages private financing to produce new homeownership and rental units. Staff said the funding will allow the agency to continue to develop land and finance projects aimed at very low- and low-income households.
Next steps: staff will monitor expenditures to ensure compliance with the program-average AMI constraints, proceed with the projects in the pipeline (including obtaining certificates of occupancy and occupancy stabilization), and report back to council as major draws and development milestones occur.
