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FY2008-09 ANNUAL AFFORDABLE HOUSING TRUST FUND REPORT In December 2004, the City of San Leandro amended the Zoning Code by adopting Article 30, the Inclusionary Housing Ordinance ("Ordinance"). The purpose of the Ordinance is to encourage the development and availability of housing affordable to a-broad range of households with varying income levels within the City, to increase the supply of affordable ownership and rental housing in San Leandro, and to require that residential developers construct affordable housing units within their proj ects. For ownership residential developments with two to six total units, the requirements of the Ordinance may be satisfied alternatively by having developers pay an in-lieu fee to the City's Affordable Housing Trust Fund ("Fund"). The Fund is an account established to collect and expend such in-lieu fees for the purpose of furthering affordable housing as described in the Ordinance. The Fund includes revenue from condominium conversion fees. This Fund is distinct and segregated from the other major source of revenue, the Redevelopment Set, Aside Fund, that the City uses to develop affordable housing. Monies deposited in the Fund must be used to increase and improve the supply of housing affordable to moderate-, low-, and very low-income households in the City. Monies may also be used to cover reasonable administrative or related expenses associated with the administration of this Ordinance. From FY2004-OS through FY2006-07, the Fund's revenue balance as of June 30, 2007 was $674,047.40. In FY2007-08, the Fund expended $637,000.00 to assist Eden Housing in the acquisition of land for the Estabrook Senior Housing Project, leaving a balance of $47,505.40 as of June 30, 2008. As of June 30, 2009, the Fund's balance was $61,164.40. The Estabrook Place affordable senior rental housing development is currently under construction, and the construction end date is estimated to be in May 2010. Estabrook Place will eventually have 51 below-market rate units, 50 of which will serve very- low-income seniors while one unit will be for an on-site manager. No other affordable units have been built or rehabilitated with the Fund's monies since the inception of the Fund. The City is required to have the City Council review this annual report and make it available to the public after public notice has been given. This report shall include a statement of income, expenses, disbursements and other uses of the Fund. This report should also state the number and type of inclusionary units constructed or assisted during the year of the report and the amount of such assistance. Below is a table reflecting the revenue, expenditures and endin balance: BEGINNING BALANCE AS OF JULY 1 REVENUE FROM CURRENT FISCAL YEAR EXPENDITURES ENDING BALANCE A5 OF JUNE 30 FY04-05 $ - $ 108,183.40 $ - $ 108,183.40 FY05-06 $ 08,83.40 $ 110,002.00 $ - $ 218,185.40 FY06-07 $ 218,185,4t~ $ 455,862.00 $ - $ 674,047.40 FY07-08 $ 64,tI47.4t3 $ 10,458.00 $ 637,000.00 $ 47,505.40 FY08-09 $ 4,5Q5,40 $ 13,659.00 $ - $ 61,164.40