10A Action 2007 0116 - Laserfiche WebLink

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----~--------.-.....__...__r.'O, an experienced regional nonprofit housing developer, in June 2006. Through the DDA, MHC will serve as project developer and long-term property manager, but the Agency will maintain ownership of the building. Also under the DDA, the Agency committed to loaning Mercy up to $884,000 in set-aside funds to assist with development costs. MHC is planning to begin construction in February 2007. · The Agency staff worked closely with Allied Housing, Inc., a nonprofit housing developer, to acquire the privately owned mixed use Mission Bell Apartment building. Allied will be restricting all 25 residential units (which were previously designated as very low, low, moderate and market rate) to extremely and very low income renters, creating 5 new restricted units (from market rate to very low income units), and extending the affordability period 55 years to 2061. Allied also agreed to assume the seller's existing rehabilitation loan funded with set-aside funds from several years ago. Therefore, there was no new net funding from the Agency into this project, nor were any ofthe existing tenants displaced. · The Agency made eight (8) loans and twenty (20) grants from the Single Family Residential Rehabilitation Program throughout the community. · The Agency assisted one (1) household with a low interest loan to purchase a home in the City under the City's First Time Homebuyer Program. LOOKING AHEAD: PROGRAM CONTINUATIONS AND CHANGES In Fiscal Year 2006-07, the following program changes are being proposed for the Redevelopment Agency, in addition to continuation of the projects mentioned in the previous Economic Development and Commercial Revitalization section: · The Agency will continue to acquire and dispose of strategic real estate assets as necessary to forward the goals of the community and the Redevelopment Plans, and assist its buyers in completing successful redevelopment projects. Properties include the vacant lot at 1595 Washington (former East Bay MlUlicipal Utility District offices) among others. · The Agency is working 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. The Agency has acquired three parcels and is negotiating with the remaining property owners. · A downtown retail strategy is also being developed to brand and market the downtown to attract new retail businesses and restaurants and encourage fa<;ade and building improvements in the City's downtown to revitalize the area. · Further exploration of an approximately 500 space parking garage to serve the Agency also had $7.4 million in advances from the City. Downtown, including the Plaza and Joint Project Areas, is underway. Design and engineering studies have been completed and the Agency will be reviving this project. 8