Reso 2009-130 - Laserfiche WebLink

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• 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 rental housing development for very low income households. The majority of unit types in The Alameda will be 2- and 3-bedroom units and will help the City further its efforts to address its critical need for affordable family rental housing. BRIDGE is working with the private master developer, Westlake Development Partners, LLC (Westlake), to develop amulti-phased, mixed use, transit oriented development called San Leandro Crossings located near downtown and adjacent to the San Leandro BART Station in the Plaza Redevelopment Plan Area. The Alameda represents the initial development under the City's acclaimed Downtown Transit- Oriented Development Strategy adopted in 2007. Through BRIDGE's development of The Alameda, Westlake will be able to comply with the City's Inclusionary Zoning Ordinance. BRIDGE will develop, own and manage The Alameda, however, BRIDGE will enter into a long-term land lease (55 years or longer) with Westlake. Project amenities at The Alameda include a bike room, 5,000 square feet of ground floor program space (possibly for a future childcare center), parking structure with l00 spaces (plus six additional spaces on the access drive), landscaped courtyard, children's play area, multi-purpose community room with kitchen and adjacent patio, laundry room on each floor, and community garden. The total development cost for The Alameda is estimated at about $37 million. BRIDGE intends to leverage the approved Redevelopment Housing Set-Aside with federal low income housing tax credit equity, State transit-oriented developmentJinfill infrastructure grant funds (from Proposition 1 C), and a private loan. BRIDGE submitted its 9% tax credit application to the State in early July 2009. The State is expected to formally announce tax credit awards in September 2009. The affordability period for The Alameda is 55 years. The projected completion and full occupancy date for The Alameda is early 2012. • In addition, City staff have also been engaged in preliminary discussions with other non- profit developers to acquire property and rehabilitate or build affordable rental units. • The City's Housing Rehabilitation Program for minor home repair grants and loans for owner-occupied homes provided twenty-nine (29) grants and eleven (] 1) loans to homeowners to preserve and improve the existing housing stock and particularly to assist elderly homeowners to age in place. • In FY 2008-09, City staff responded to forty-eight (48) tenant and landlord inquiries under the City's Rent Review Board Program, which provides anon-binding arbitration board review of eligible rent increase cases in San Leandro. Of the forty-eight (48) inquiries, the majority (or 26 inquiries) was from landlords, and three (3) became Rent Review Board cases. Of the three (3) cases, one (1) was mutually resolved by the landlord and tenant prior to the Board hearing. This program is funded solely with City General Funds. Consolidated Annual Performance and Evaluation Report: FY 2008-2009 City of San Leandro Page 26