10B Action 2009 0406 - Laserfiche WebLink

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BRIDGE Housing -The Alameda 2 of 7 Apri16, 2009 Council to further the goals and objectives of the acclaimed San Leandro Downtown Transit-Oriented Development Strategy, which the Council adopted in September 2007. In addition, the project will not only provide needed affordable family rental housing, but represent the first new, affordable rental housing development to be financed by the Agency or City primarily for families. BRIDGE was founded in 1983 and is one of the pre-eminent nonprofit housing developers in California. BRIDGE represents a highly experienced, multi-faceted development company with expertise in financing, community outreach, construction management, and property maintenance and asset management. Since its inception, BRIDGE has developed over 13,000 residential units and manages over 7,000 rental and condominium units. The Alameda signifies BRIDGE's first affordable housing development in San Leandro. BRIDGE selected the nationally renowned architecture firm of David Baker + Partners Architects, which is highly experienced in affordable rental housing, to design The Alameda. BRIDGE has undertaken extensive public outreach for the project. It has conducted 14 public meetings to receive citizen input regarding The Alameda with a variety of community groups, civic organizations, and local businesses in San Leandro (i.e., homeowners associations and the Chamber of Commerce). In addition, BRIDGE conducted educational bus tours of its Bay Area affordable rental housing properties in September and October of 2008 for interested San Leandrans and City officials. DISCUSSION Below is a summary of the key features of the project and terms of the OPLA, and associated legal documents, between the Agency and Alameda Housing Associates, L.P., a California limited partnership (the "Developer") which is an affiliate of BRIDGE: • Developer will develop, own and manage The Alameda located at 1333 Martinez Street (between Parrott Street and West Estudillo Avenue). However, the Developer will enter into along-term lease (55 years or longer) with Westlake, which owns the land, for $1 per year. o The long-term lease and negligible rent represents Westlake's financial contribution to the project valued at $2.5 million, which is based on a current site appraisal. • Of the 100 rental units to be constructed, forty-nine (49) will be affordable to very low income renters with incomes between 35% to 50% of the area median income (AMA and an additional fifty (50) units will be affordable to households whose income is 90% AML One (1) three-bedroom unit will be occupied by an on-site property manager. Because The Alameda will include low income housing tax credit equity and/or State Multifamily Housing Program funding, these other public financing sources will require the project to be affordable to 100% very low income renters. Below is the unit breakdown for the 100 units: