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Status of Low and Moderate Income Housing Funds <br />Sch C Agency Financial and Program Detail <br />SAN LEANDRO <br />Description <br />documents were approved by the City. Once the project was fully renovated, MHC resumed long-term property <br />management duties. <br />Agency Rale and Achievement <br />The Agency has played a primary and active role in the acquisition and development of Casa Verde. Without the <br />Agency~s proactive efforts to acquire the former Islander Motel, the project would never have occurred. In <br />addition, the Agency chose to assume the liability and risks of maintaining ownership of the property, while <br />selecting a nonprofit developer/property manager through a competitive process. The Agency also complied wit <br />State relocation requirements and provided input on architectural design. Overall, the Agency expended <br />approximately $5.5 million in Set-Aside funds towards acquisition, rehabilitation, relocation and carrying costs <br />along with a 30 year operating subsidy commitment not to exceed $5.7 million cumulatively. <br />Casa Verde is located at 2398 E. 14th Street and in the City of San LeandrolAlameda County Joint Redevelopment <br />Area. The project meets the following goals and objectives of the Joint Redevelopment Area: provide relocation <br />assistance where agency activities result in displacement and improve and increase the communityZs supply of <br />affordable housing. The project also meets goals and objectives in the current Five Year Redevelopment Agency <br />Implementation Plan such as encouraging Znew strategically-sited housing developments as a catalyst for <br />economic growth and reinvestmentZ and the provision of higher density housing along the East 14th Street <br />comdor where the Zlslander Motel remains a source of visual blightZ.~ <br />Page 7 of 7 12/22/08 <br />