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BusHsgDev Highlights 2009 0312
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BusHsgDev Highlights 2009 0312
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4/3/2009 11:00:26 AM
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4/3/2009 11:00:25 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
3/12/2009
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_CC Agenda 2009 0406
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\City Clerk\City Council\Agenda Packets\2009\Packet 2009 0406
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CITY OF SAN LEANDRO <br />CITY COUNCIL BUSINESS AND HOUSING DEVELOPMENT COMMITTEE <br />March 12, 2009 <br />4:00 p.m. - 5:30 p.m. <br />San Leandro City Hall <br />835 East 14th Street <br />San Leandro, California <br />Sister Cities Gallery <br />HIGHLIGHTS <br />Committee Members: Chair Stephens, Councilmember Reed and Councilmember Souza <br />City staff present: Interim Assistant City Manager Diaz, Community Development Director <br />Sims, Business Development Manager Battenberg, Housing Manager <br />Liao, Housing Specialist Hernandez and Project Specialist Ricard <br />Public present: Dave 7ohnson, San Leandro Chamber of Commerce <br />The meeting was called to order at 4:00 p.m. <br />1. Update on Draft 2009-10 Department of Housing and Urban Development (HUD) <br />Annual Action Plan and Draft Sec. 108 Loan Guarantee Application for the Senior <br />Community Center <br />Housing Manger Liao explained that as a Community Development Block Grants (CDBG) <br />entitlement grantee, the City directly receives CDBG funds from HUD each year. To receive <br />its annual CDBG allocation from HUD, the City must update and submit a Consolidated <br />Action Plan annually, which outlines the proposed activities, objectives, and budget for the <br />upcoming fiscal year. <br />For FY 2009-10, the City is projecting a CDBG entitlement grant amount of $720,922. <br />Allocation of funds is outlined in the attached spreadsheet. <br />Liao then explained that the HUD Section 108 Loan Guarantee Program is a debt financing <br />program through the CDBG Program to help communities leverage CDBG dollars for <br />community development or revitalization activities such as economic development, capital <br />improvements, and housing rehabilitation. Local governments that utilize the Section 108 <br />loans must pledge current and future CDBG allocations (or other local funding sources) as <br />security for the loan. HUD recently calculated the City's current capacity at $2.85 million. <br />The City is preparing a HUD Section 108 loan application for $2.5 million, to complete <br />construction of the new senior community center. The City will pledge future CDBG funds <br />to repay the $2.5 million loan over 20 years. City staff estimates that the annual average loan <br />
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