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