3A Public Hearing 2009 0921 - Laserfiche WebLink

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FY2008-2009 CAPER -2- September 21, 2009 fifty-one (51) units, fifty (50) will serve very low-income seniors while one (1) unit will be for an on-site manager. Construction of Estabrook Place is estimated to be completed by late spring of 2010 and fully occupied by summer of 2010. The Alameda In April 2009, the City Redevelopment Agency approved a $9.1 million loan (from Agency Housing Set-Aside funds) to BRIDGE Housing Corporation (BRIDGE) for the new construction of The Alameda at San Leandro Crossings, a 100 unit (including an on-site manager's unit) affordable family rental housing development for very low income households. Priority: Preserve existing affordable rental and ownership housing for low- and moderate-income households. • Mission Bell Apartments Rehabilitation and Refinancing The City approved a $400,000 HOME loan to Allied Housing, Inc. in June 2009 for the rehabilitation and refinancing of the affordable rental property Mission Bell Apartments. The loan extends the 55-year affordability period for an additional three (3) years from 2061 to 2064 and results in deepened affordability restrictions at Mission Bell. Rehabilitation work includes plumbing, electrical solar panels, unit renovations, garage improvements to comply with ADA standards, and painting of the exterior. Rehabilitation and refinancing activities will commence in FY 2009-10. • Housing Rehabilitation Program The Housing Rehabilitation Program provides low-interest rehabilitation loans of up to $35,000 for single-family homes. This program provided eleven (11) loans funded solely with Redevelopment Housing Set Aside Funds in FY 2008-09. Of these eleven (11) loans, nine (9) were for seniors, five (5) were for extremely low-income households, and six (6) were for very low-income households. The Housing Rehabilitation Program, which also has six (6) types of grant programs for minor home repairs, provided twenty-nine (29) grants solely from Redevelopment Housing Set Aside Funds, for lower-income homeowners in FY 2008-09. Of these twenty-nine (29) grants, seventeen (17) were for extremely low-income, eleven (11) were for very low-income, and one (1) was for low-income households. Nineteen (19) grants were for seniors. The breakdown for the types of grants, including combination grants, is as follows: • 1 Accessibility • 15 Minor home repair • 2 Mobile home repair • 2 Minor home repair/accessibility • 2 Mobile home repair/paint • 6 Mobile home repair/accessibility • 1 Mobile home repair/seismic Priority: Assist low- and moderate-income first-time homebuyers. • During this past fiscal year, the City approved nine (9) loans under the First Time Homebuyer (FTHB) down payment/closing cost assistance program. Of the nine (9) loans, two (2) were for low-income and seven (7) for moderate-income first-time homebuyers. To meet ongoing loan demand which began last fiscal year, the City Council approved $142,000