Reso 2006-058 - Laserfiche WebLink

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VI. PROVISION OF LOW OR MODERATE INCOME HOUSING The Project will provide 67 housing units restricted to households earning 30% to 45% of AMI for a 55-year period. At the Developer's election, the affordability restrictions can be extended through the end of the 75-year lease term. There will be one unrestricted resident manager's unit. VII. CONFORMANCE WITH FIVE..YEAR IMPLEMENTATION PLAN The subject Project meets the objectives of the City of San Leandro Redevelopment Agency's 2004-2009 Implementation Plan: (1) it eliminates blight and (2) it increases the number of deed-restricted affordable housing units in the project area. This proposed project will also help meet the following economic development programs identified in the Implementation Plan: th I mplement projects consistent with the recommendations in the "East 14 Street South Area Plan." Partner with owners and developers to market strategic sites, acquire and dispose of property, and assist with land assembly where needed. Encourage and contract [with developers] for appropriate development, particularly new workforce housing. This Project also meets the "Housing Program" goals of increasing the number of affordable housing units for young adults and singles and closing the affordable housing gap by increasing the number of affordable units. In its Regional Housing Needs Determination, the Association of Bay Area Governments (ABAG) has made a determination of the number of housing units needed at each affordability level in the City of San Leandro. According to ABAG, 22% of the City's projected housing need is for very low-income units (50% and less of AMI). The subject Project will restrict all 67 of its income-restricted units to very low-income households. Additionally, of these 67 units 7 units will be restricted to extremely low-income households (30% and less of AMI). Therefore, the Project's distribution of affordability exceeds ABAG's very low income housing needs for the City of San Leandro.