8I Consent 2010 1206 - Laserfiche WebLink

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APPROVED AND REDEVELOPMENT AGENCY FORWARDED OF THE CITY OF SAN LEANDRO TO THE REDEVELOPMENT AGENCY STAFF REPORT Stephen L. Hollister • DATE: December 6, 2010 Executive Director TO: Stephen L. Hollister, Executive Director FROM: Luke Sims, Community Development Directo*_ VIA: Tom Liao, Housing/CDBG Manager '((i BY: Steve Hernandez, Housing Specialist I Sly - SUBJECT PROJECT /PROJECT DESCRIPTION: RESOLUTION ADOPTING FINDINGS REQUIRED BY HEALTH AND SAFETY CODE SECTION 33334.14 FOR SUBORDINATION OF THE AMENDED AND RESTATED AFFORDABLE HOUSING REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS FOR THE EDEN LODGE APARTMENT PROJECT SUMMARY AND RECOMMENDATION Staff recommends that the Redevelopment Agency of the City of San Leandro adopt the resolution 1) adopting findings required by health and safety code Section 33334.14 for subordination of the Amended and Restated Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants for the Eden Lodge Apartment Project; and 2) authorizing the Executive Director to execute and deliver such other instruments and to take such other actions as necessary to carry out the intent of this resolution. Eden Housing is not requesting any funding from the City or Redevelopment Agency for its planned refinancing and renovations. BACKGROUND Eden Lodge is a I43 -units property providing one - bedroom units for seniors 62 -years and older that was built by the nonprofit developer Eden Housing, Inc., in 1981. Eden Housing continues to manage the property well. In April 2003, Eden Housing and the Redevelopment Agency of the City of San Leandro (Agency) executed an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (2003 Regulatory Agreement) restricting rents for all of the residential units at Eden Lodge at levels affordable to very -low income households (50% of AMI) for a 55 -year period in order to receive 5163,883 grant in Redevelopment Housing Set -Aside funds which Eden Housing used to rehabilitate the property.