10B Action 2011 0118 - Laserfiche WebLink

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MANAGEMENT'S DISCUSSION AND ANALYSIS The Alameda at San Leandro Crossings, a proposed 100 -unit affordable rental housing development which is part of the mixed - income San Leandro Crossings master development, was delayed due to the current economic climate and newness of State Proposition 1C infrastructure grants awarded to the project. The nonprofit, BRIDGE Housing Corporation, who is the developer for The Alameda, had to return its federal low income tax credits, which were awarded by the State in September 2009, in late April 2010. Previously, the City Council approved a $9.1 million Redevelopment Housing Set -Aside development loan for The Alameda in April 2009. The City, Redevelopment Agency, BRIDGE, and the private developer continue to work together to move the development of San Leandro Crossings forward, and BRIDGE is planning to re- apply for tax credits in early 2011. The City Council approved entitlements and the Final Map for The Alameda in January 2010. • Two (2) low interest loans and twenty -four (24) grants were awarded through the Residential Rehabilitation Program, which is funded by Set -Aside Funds. Both of the loans were for extremely low- income, senior households. Of the 24 grants for minor home repairs, thirteen (13) were for extremely low- income and eleven (11) were for very low- income. Seventeen of the grants were for seniors. • The Agency approved twelve loans under the First Time Home Buyer (FTHB) down payment/closing cost assistance program. Three were for low- income and nine for moderate - income first -time homebuyers. To meet the increased loan demand, the City Council approved $131,000 in additional Set -Aside Funds in February 2009 for the program. • Under the FTHB Program, the Agency conducted two free homebuyer education seminars for potential first -time buyers. Overall, there were 135 certificates of completion awarded to households completing the seminars. The Agency also provided free one -on -one homebuyer counseling to 23 households all of whom were low- to moderate - income San Leandro residents and /or employed in the City. • In June 2010, the Agency and City conducted its annual Post - Purchase Workshop targeting existing homeowners and /or loan recipients under the First Time Homebuyer Loan and Inclusionary Housing/Below Market Rate Ownership Programs and educating them about the program regulatory requirements (i.e., resale restrictions) and how to successfully maintain their homes. LOOKING AHEAD: PROGRAM CONTINUATIONS AND CHANGES In Fiscal Year 2010 -11, the following programs are being pursued in addition to the continuation of the projects mentioned in the previous Economic Development and Commercial Revitalization section: Overall The Agency will intensify work on the marketing of San Leandro and creating a coherent message about San Leandro being a great place to live, work and play. This includes the creation of additional marketing materials and improvements to the Agency's website. Joint Project Area • The Agency will continue working with Madison Marquette on the redevelopment of Bayfair Center, specifically as it relates to implementation of the Transit Oriented Development Strategy and an Expansion Parcel Study for an underutilized 2.5 acres site. 10