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goals in these City housing plans is to provide programs that foster and maintain affordable housing. The Agency is a crucial funding source and has effectively leveraged set-aside funds with other sources in cooperation with non-profit developers and the City in achieving these goals. Pursuant to Health and Safety Code Section 33080.1(c), notable Agency-assisted housing activities for FY 2006-07 include: • The Agency entered into a Disposition and Development Agreement (DDA) with Mercy Housing California (MHC), an experienced regional nonprofit housing developer, in June 2006 for redevelopment of the former Islander Hotel into a 68-unit affordable apartment complex. Through the DDA, MHC will serve as project developer and long-term property manager, but the Agency will maintain ownership of the property. Also under the DDA, the Agency committed to loaning Mercy up to $884,000 in set-aside funds to assist with development costs. The project was renamed Casa Verde and Mercy is now nearing completion. • In 2006-07, the Agency made seven (7) loans and 22 grants from the Single Family Residential Rehabilitation Program throughout the community. • In 2006-07, the Agency assisted two (2) households with low interest loans to purchase a home in the City under the City's First Time Homebuyer Program. Looking Ahead: Program Continuations and Changes In Fiscal Year 2007-2008, the following program changes are being proposed for the Redevelopment Agency: • In August 2007 the Commercial Rehabilitation Program was resurrected in all three redevelopment project areas to assist property owners and tenants in making aesthetic improvements to existing commercial buildings. The Program provides access to capital through forgivable loans. • The Agency continues negotiations to redevelop a 1.8 acre site in the Plaza Project Area (bounded by Hayes Street, East 14th Street, Davis Street and San Leandro Creek) into a mixed use development referred to as Town Hall Square. The vision is for a vibrant, pedestrian-oriented town center with a residential element. • In 2007, the Agency has contracted for the preliminary design of an approximately 500 space Estudillo-Callan parking garage to serve the Plaza and Joint Project Areas.