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REDEVELOPMENT AGENCY <br />STAFF REPORT <br />DATE: <br />TO: <br />FROM: <br />BY: <br />February 17, 2009 <br />Stephen L. Hollister, Executive Director <br />Luke Sims, Community Development Director <br />Tom Liao, Housing/CDBG Manager '~'V <br />SUBJECT PROJECT/PROJECT DESCRIPTION: <br />APPROVED AND <br />FORWARDED <br />TO REDEVELOPMENT <br />AGENCY <br />~~~~- ~'i~~~~ <br />Stephen L. Hollister <br />Executive Director, <br />Redevelopment Agency <br />RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN <br />LEANDRO AUTHORIZING AN AMENDMENT TO THE TERMS OF A <br />PREVIOUSLY AUTHORIZED LOAN TO ESTABROOK SENIOR HOUSING, L.P. <br />FOR ALOW-INCOME SENIOR HOUSING PROJECT, AND AUTHORIZING THE <br />EXECUTION OF DOCUMENTS IN CONNECTION WITH SUCH AMENDMENT <br />SUMMARY AND RECOMMENDATION <br />Staff recommends that the Redevelopment Agency of the City of San Leandro (Agency) <br />adopt the resolution authorizing 1) an amendment to the previously authorized Agency <br />loan to Estabrook Senior Housing, L.P., for a low income senior housing project, and 2) <br />the execution of documents in connection with such amendment. <br />BACKGROUND <br />In July 2007, the City Council approved $4 million in funding to Estabrook Senior <br />Housing, L.P., for the acquisition and development of a 51-unit senior housing apartment <br />for very low income seniors at 2103-2121 East 14th Street (at the corner of East 14th and <br />Estabrook Streets). Estabrook Senior Housing, L.P., (or Estabrook) is a California limited <br />partnership for which the nonprofit developer, Eden Housing, Inc., serves as the general <br />partner. Of the $4 million, approximately $2 million was in the form of a loan from the <br />Redevelopment Agency Housing Set-Aside funds and $2 million as another loan from the <br />City (consisting of federal HOME Program and local Affordable Housing Trust Fund <br />monies). The terms for both the Agency and City loans were 3% interest and deferred <br />repayment for 55 years. <br />Estabrook has since leveraged U.S. Department of Housing and Urban Development <br />(HUD) Section 202 Senior Housing Program and federal and State low income housing <br />tax credits, as well as funding from the Federal Home Loan Bank's Affordable Housing <br />Program (AHP). Therefore, the project has all its financing in place and expects to begin <br />construction in late February/early March 2009. <br />