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<br />San Leandro Shelter <br /> <br />July 30, 2007 <br /> <br />Fiscal Impact <br />The City's $180,000 CDBG acquisition loan to San Leandro Shelter in June 1999 is being <br />converted from a 30-year deferred and forgivable loan to an annually forgivable 30-year <br />loan with the same loan term end date of July 1, 2029, The City Redevelopment Agency is <br />forgiving $50,000 in Housing Set-Aside funds awarded to Cornerstone in 2000. <br /> <br />Bud2et Authority <br />Budget authority for CDBG funds is derived from Title I of the Housing and Community <br />Development Act of 1974 (24 CFR 570 et seq.) and for Redevelopment Housing Set-Aside <br />funds from Community Redevelopment Law of the State of California (Health and Safety <br />Code Section 33000 et seq.) <br /> <br />Attachments: <br />N/A <br /> <br />CONCLUSION <br /> <br />Staff recommends the City Council 1) approve amendments to the capital improvement agreement <br />and promissory note to reflect annual forgiveness of the $180,000 CDBG acquisition loan, and 2) <br />forgive the $50,000 Housing Set-Aside loan given to Cornerstone for rehabilitation of the safe <br />house. <br />