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Amended & Restated Regulatory <br />Agreement for Eden Lodge Apartments -3- November 15, 2010 <br />Eden Housing's efforts to refinance and make needed renovations to Eden Lodge provide the <br />following ongoing benefits to the City and Agency: <br />• Eden Housing, an experienced and dedicated affordable housing developer and manager, will <br />continue to own and manage Eden Lodge. <br />• Eden Lodge will remain affordable for its current very low- and additional low - income senior <br />residents who do not have to pay more than 30% of their income for rent. <br />• The rehabilitation of Eden Lodge will extend the life and use of the property for many years to <br />come. <br />Current City Council Policy <br />Not applicable. <br />Previous City Council Action <br />On April 7, 2003 the City Council approved a $163,883 grant from the Redevelopment Agency of <br />the City of San Leandro to Eden Housing to assist with the rehabilitation construction costs of the <br />Eden Lodge project (Resolution No. 2003 -004). The funding source for the grant was from <br />Redevelopment Housing Set -Aside funds. <br />City Council Committee Review and Action <br />None. <br />Applicable General Plan Policy <br />The Housing Element of the General Plan contains several policies applicable to the Eden Lodge <br />transfer and refinance project: <br />Goal 3: New Housing Opportunities — Provide housing opportunities and improve economic <br />access to housing for all segments of the community. <br />Policy 3.06: Housing by Non - Profit Developers — Promote participation of non - profit <br />housing organizations in the construction of new affordable housing in San Leandro, with <br />particular emphasis on housing for seniors and working families. <br />Goal 54: Administration of Housing Programs — Ensure that local housing programs are <br />administered in a way that maximizes benefits to San Leandro residents. <br />Policy 54.04: Long -Term Affordability Restrictions — Ensure that housing units that are <br />created or rehabilitated with financial assistance from the City (or that are created through <br />the City's inclusionary housing ordinance) include restrictions to ensure that they will <br />remain affordable for the maximum length of time allowable under federal, state and local <br />regulations.... Appropriate resale and tenant occupancy requirements (such as deeds of trust <br />and/or rent limitation agreements) should be established for such units to ensure that they <br />are reserved for low- and moderate - income households when occupancy changes. <br />