10A Action 2007 0730 - Laserfiche WebLink

Home

Eden Housing Affordable Senior Housing July 30, 2007 20f6 OP A, the Regulatory Agreement, the Agency promissory note, and the Agency deed of trust, and authorizing the execution of each such document to which the Agency is a party; (3) authorizing the execution of a Rider to the OP A, the Regulatory Agreement, the Agency Note and the Agency Deed of Trust in the form as and if required by the U.S. Department of Housing and Urban Development (HUD) which would subordinate the Agency documents to the HUD documents; and (4) authorizing the execution and delivery of such other instruments and the taking of such other actions as necessary to calTY out the intent of the resolution. BACKGROUND In October 2006, Eden Housing, Inc., (Eden) entered into a purchase agreement with the owner of 2103-2121 East 14th Street, which was formerly the site of the Sir Richard's used car lot. The listing price for the property was $2,420,000, but Eden was able to negotiate a lower price of $2,022,000. Also in Fall 2006, Eden began preliminary discussions with City staff regarding the possibility of funding assistance for the acquisition and new construction of affordable senior rental housing on the site. Eden was founded in 1968 and is the oldest nonprofit affordable housing developer in the State. The organization's mission involves building "high quality, well managed, service- enhanced, affordable housing communities that meet the needs of lower income families, seniors, and persons with disabilities." It has an affordable housing portfolio of 69 propeliies containing 4,800 units. Eden recently worked with the Agency to acquire and construct Fuller Gardens (2390 East 14th Street), which has 15 rental units for very low- income persons with developmental disabilities. Eden conducted an initial community meeting on March 7, 2007 in McKinley Elementary School to discuss two affordable senior rental housing options for the site: one for 51 units and the other for 83 units. After considering comments at the March ih meeting and from City staff, Eden determined that the 51 unit option was more feasible and appropriate for the neighborhood. On April 18, Eden held a second community meeting to announce it would proceed with the 51 unit option and also discussed the results of the parking/traffic study it commissioned (and received approval from City Engineering and Transportation staff) which concluded that the proposed 51 unit project would not have any significant parking and traffic impact on the surrounding neighborhood. Beyond the neighborhood meetings, Eden has effectively outreached to the community by meeting individually with local leaders and groups. Eden has also discussed with McKinley Elementary School the possibility of having the senior residents volunteer and mentor the students. In May 2007, the Agency awarded a $30,000 grant to Eden to help defray the predevelopment expenses. Eden applied the $30,000 grant towards eligible costs such as architectural design, appraisal and a Phase 1 Environmental Report. As a result of previous uses (i.e., automotive repair) on or near the site in the distant past, Eden had to comply with California Regional Water Quality Control Board (RWQCB) requirements to develop a Remedial Action W orkplan (RAW) for the site. The draft RA W was made available for public comment from June 15th to July 6th and no written