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Eden Housing Affordable Senior Housing July 30, 2007 30f6 comments were received. Consequently, the RWQCB approved the RAW on July 12, 2007. DISCUSSION Below is a summary of the key features of the project and tenns of the OP A, and associated legal documents, between the City, Agency and Estabrook Senior Housing, L.P., a California limited partnership for which Eden Housing Inc. serves as the General Partner: . Eden will acquire the property at 2103-2121 East 14th Street and construct 51 rental units: 50 one-bedroom units for very low-income (S 50% area median income) senior households plus one two-bedroom manager's unit. Seniors are defined as persons 62 years and older. Rents will also be affordable to the very low-income senior residents in the range of $310 to $785 per month. Each one bedroom-unit will contain a bathroom and kitchen and be approximately 565 square feet in floor area. · The project will include 28 outdoor parking spaces. The Board of Zoning Adjustments approved a Parking Exception to allow development with reduced on-site parking of 28 spaces, instead of the required 34 spaces, on the condition that the plans/design allow for the possibility of adding the six additional spaces if the need arises after six months of project occupancy. · Other amenities include a community room with kitchen, exercise room, TV/media room, library/computer room, offices for Eden property management and resident services staff, laundry room, landscaped courtyard, and a rooftop terrace. · The affordability period for Eden to own, develop and operate the property as affordable senior rental housing is a minimum of 55 years. · The total development cost is estimated at $18.6 million: land acquisition costs will be $2,022,000 and construction costs will be about $16.6 million (see Attachment A, "Sources and Uses"). While the City will fund the $2,022,000 sales price, the Agency will provide funding for closing costs related to the acquisition and approximately $2 million towards construction costs. · The City and Agency will provide Eden with loans not to exceed a total of $4 million for acquisition and new construction at 3% interest, deferred for 55 years. The $4 million is broken out by source as follows: r For acquisition, the City will loan $2,022,000: $1,385,000 federal HOME funds and $637,000 in City Affordable Housing Trust Fund monies. The Affordable Housing Trust Fund was created under the City's lnclusionary Housing Ordinance, which was adopted in December 2004, and consists of funds from developer in-lieu fee and condominium conversion payments to the City.