Reso 2009-130 - Laserfiche WebLink

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SECTION B: INVESTMENT OF AVAILABLE RESOURCES Objective: Provide Decent Housing Priority #1. Increase the availability of affordable rental housing for extremely low-, very low-, low-, and moderate-income families. Activities: • New construction of affordable housing Estabrook Place The non-profit developer Eden Housing, Inc. began construction of Estabrook Place, a new S I - unit affordable senior apartment complex at 2103 E. 14th Street (and Estabrook Street). Of the fifty-one (51) units, fifty (50) will serve very low-income seniors while one (I) unit will be for an on-site manager. The City's $4 million loan consisted of the following funding sources: $1.385 million NOME funds, $1.978 million Redevelopment Set-Aside funds, and $637,000 City Affordable Housing Trust Fund. In addition to City funding, Eden has received approval for HUD Section 202 funding and federal low income housing tax credits. Construction of Estabrook Place is estimated to be completed by late spring of 2010 and fully occupied by summer of 2010. The Alameda at San Leandro Crossings 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 100 spaces [plus six (6) 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 development/infill infrastructure grant funds (from Proposition l C), and a private loan. BRIDGE submitted its 9% tax credit application to the State Consolidated Annual Performance and Evaluation Report: FY 2008-2009 City of San Leandro Page 4