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3A Public Hearing 2007 0416
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3A Public Hearing 2007 0416
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5/4/2007 12:37:43 PM
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4/13/2007 9:18:55 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
4/16/2007
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_CC Agenda 2007 0416
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\City Clerk\City Council\Agenda Packets\2007\Packet 2007 0416
Reso 2007-052
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Path:
\City Clerk\City Council\Resolutions\2007
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<br />Community Reinvestment Act (CRA) <br />Local lenders, under the Community Reinvestment Act (CRA), participate with the City in <br />providing homebuyer counseling services and loans to first-time homebuyers. <br /> <br />LEVERAGING PLAN <br /> <br />For all housing and community development activities, San Leandro will support applications by <br />other entities to all public and private sources of financing that will improve the activities <br />outlined in the Five- Year Strategic Plan. Federal funds will be leveraged with local funds, <br />including those from Redevelopment Agency Housing Set-Aside. <br /> <br />MA TCHING PLAN <br /> <br />Matching requirements of federal programs, such as HOME, will be satisfied with non-federal <br />sources. The HOME Program requires a 25 percent (25%) match to HOME-assisted projects. <br />Eligible sources of match include the value of waived fees, value of donated land, and cash from <br />a non-federal source such as Redevelopment Housing Set-Aside funds. <br /> <br />PUBLICL Y -OWNED LAND <br /> <br />The City or the Agency may consider purchasing other land, which would be "banked" for a <br />housing project in the near future. In 2005, the City's Redevelopment Agency purchased the <br />Islander Motel, a 68-unit, three-story property to be developed into permanent affordable rental <br />housing. The Islander Motel Revitalization Project will use only Redevelopment funds, so no <br />HUD funds will be involved in this project. Mercy California is the project developer and long- <br />term property manager. <br /> <br />Draft Action Plan - FY2007-08 <br />City of San Leandro <br />Page 6 <br />
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