Reso 2008-113 - Laserfiche WebLink

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SECTION B: INVESTMENT OF AVAILABLE RESOURCES Obiective: Provide Decent Housinp. Priority #1. Increase the availability of affordable rental housing for extremely low-, very low-, low-, and moderate -income families. Activities: ♦ New construction of affordable housing No new affordable housing developments were constructed this fiscal year, but the City Council approved $4 million in July 2007 to the non-profit developer Eden Housing, Inc., to acquire property for and eventually construct a new 51 -unit affordable senior apartment at 2103-2121 E. 14th Street (and Estabrook Street). Of the 51 units, fifty (50) will serve very low-income seniors while one (1) unit will be for an on-site manager. The City's $4 million loan consisted of the following funding sources: $1.385 million HOME funds, $1.978 million Redevelopment Set - Aside, and $637,000 City Affordable Housing Trust Fund. In addition to City funding, Eden sought and received approval for HUD Section 202 funding in FY 2007-08. Eden will be applying for the final piece of the development financing via federal Low Income Housing Tax Credits through the California Tax Credit Allocation Committee in July 2008. Therefore, Eden plans to begin construction in late Fall or early Winter 2008. The total estimated development cost for the project is about $18.6 million. During this past fiscal year, the City began serious discussions with a private developer regarding a proposed, multi -phased and mixed use development of properties adjacent to the San Leandro BART Station. This proposed large scale development may serve as the signature project under the City's recently enacted Downtown Transit -Oriented Development Strategy. In addition, the private developer has partnered with the non-profit developer, BRIDGE Housing Corporation, to assist in developing a proposed 100 affordable rental housing units in Phase 1 to comply with the City's Inclusionary Zoning Ordinance. Funding for two (2) infrastructure grants to the City for the 100 -unit affordable rental housing unit development proposed by BRIDGE Housing Corporation is scheduled to be approved by the State Housing and Community Development in July 2008. ♦ Acquisition and rehabilitation of affordable housing Renovation work for the 68 -unit affordable apartment, Casa Verde (formerly the Islander Motel), was substantially completed and ready for occupancy by May 2008. Mercy Housing California (MHC) has leased up Casa Verde, which has been fully occupied since the end of May 2008. MHC served as project developer and continues to be the long-term property manager. These units will count as new affordable housing units produced by the City Redevelopment Agency because they changed from commercial (e.g., motel) to residential use. No HUD funds were used on this project. Final Consolidated Annual Performance and Evaluation Report: FY2007-2008 City of San Leandro Page 4