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8I Consent 2010 1206
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8I Consent 2010 1206
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Last modified
12/13/2010 5:41:47 PM
Creation date
12/3/2010 10:22:37 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
12/6/2010
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_CC Agenda 2010 1206
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2010\Packet 2010 1206
RDA Reso 2010-013
(Reference)
Path:
\City Clerk\City Council\Resolutions\2010
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APPROVED AND <br /> REDEVELOPMENT AGENCY FORWARDED <br /> OF THE CITY OF SAN LEANDRO TO THE REDEVELOPMENT <br /> AGENCY <br /> STAFF REPORT <br /> Stephen L. Hollister <br /> • <br /> DATE: December 6, 2010 Executive Director <br /> TO: Stephen L. Hollister, Executive Director <br /> FROM: Luke Sims, Community Development Directo*_ <br /> VIA: Tom Liao, Housing/CDBG Manager '((i <br /> BY: Steve Hernandez, Housing Specialist I Sly - <br /> SUBJECT PROJECT /PROJECT DESCRIPTION: <br /> RESOLUTION ADOPTING FINDINGS REQUIRED BY HEALTH AND SAFETY CODE <br /> SECTION 33334.14 FOR SUBORDINATION OF THE AMENDED AND RESTATED <br /> AFFORDABLE HOUSING REGULATORY AGREEMENT AND DECLARATION OF <br /> RESTRICTIVE COVENANTS FOR THE EDEN LODGE APARTMENT PROJECT <br /> SUMMARY AND RECOMMENDATION <br /> Staff recommends that the Redevelopment Agency of the City of San Leandro adopt the resolution <br /> 1) adopting findings required by health and safety code Section 33334.14 for subordination of the <br /> Amended and Restated Affordable Housing Regulatory Agreement and Declaration of Restrictive <br /> Covenants for the Eden Lodge Apartment Project; and 2) authorizing the Executive Director to <br /> execute and deliver such other instruments and to take such other actions as necessary to carry out <br /> the intent of this resolution. Eden Housing is not requesting any funding from the City or <br /> Redevelopment Agency for its planned refinancing and renovations. <br /> BACKGROUND <br /> Eden Lodge is a I43 -units property providing one - bedroom units for seniors 62 -years and older <br /> that was built by the nonprofit developer Eden Housing, Inc., in 1981. Eden Housing continues to <br /> manage the property well. <br /> In April 2003, Eden Housing and the Redevelopment Agency of the City of San Leandro (Agency) <br /> executed an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants <br /> (2003 Regulatory Agreement) restricting rents for all of the residential units at Eden Lodge at <br /> levels affordable to very -low income households (50% of AMI) for a 55 -year period in order to <br /> receive 5163,883 grant in Redevelopment Housing Set -Aside funds which Eden Housing used to <br /> rehabilitate the property. <br />
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