3A Public Hearing 2011 0919 - Laserfiche WebLink

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FY 2010-2011 CAPER -2- September 19, 2011 both residential development projects and the BART replacement parking forward towards construction in 2012. BRIDGE is planning to re -apply for federal and State low income housing tax credits in early 2012. The Alameda, a proposed 100 -unit affordable rental housing development which is part of the mixed income San Leandro Crossings masterplan development, was delayed in April 2010 due to the current economic climate and newness of State Proposition 1C infrastructure grants awarded to the project. Previously, the City Council approved a $9.1 million Redevelopment Housing Set -Aside development loan for The Alameda in April 2009. The City Council approved entitlements and the Final Map for The Alameda in January 2010. ♦ Acquisition and rehabilitation of affordable housing Las Palmas Apartments, an affordable 91 -unit multi -family rental property primarily for low- income households (60% AMI or below), is owned by Citizens Housing Corporation (Citizens Housing). However, Eden Housing, another experienced non-profit housing developer, has managed Las Palmas since October 2009 due to the economic downturn that led to Citizens Housing experiencing financial difficulties and facing closure. The City assisted in the acquisition of Las Palmas by providing Citizens Housing with $750,000 in federal Home Investment Partnership Act (HOME) funds in 1999. In February 2011, the Redevelopment Agency of the City of San Leandro provided Eden Housing with a $50,000 Agency loan to assume complete ownership of Las Palmas. The transfer of the general partnership ownership from Citizens Housing to Eden Housing helped preserve the long-term affordability of Las Palmas. In fact, the City's current affordability restrictions on 45 of the 91 units (designated for low-income households at or below 60% AMI) were extended for an additional fifteen (15) years, from 2015 to 2030. The RDA loan also restricted an additional five (5) units for very- low- income households (50% AMI) for a 55 -year period until 2066. Area Median Income (AMI%) Current Restrictions Additional Restrictions New Restrictions Very Low (5 50% AMI) 11 5 16 Low (5 60% AMI) 34 34 TOTAL UNITS 45* 5** 50 "These 45 units will be restricted until 2030. "These 5 units will be restricted until 2066. Priority: Preserve existing affordable rental and ownership housing for low- and moderate -income households. ♦ Apartment Rehabilitation Program Mission Bell Apartments Rehabilitation and Refinancing In June 2009, the City of San Leandro obligated a $400,000 HOME loan to Allied Housing, Inc. for the rehabilitation and refinancing of the affordable rental property Mission Bell Apartments. Mission Bell is a mixed-use building consisting of twenty-five (25) affordable rental units (16 studios and 9 one -bedrooms) and six (6) ground floor commercial units. The $400,000 HOME loan extends the 55 -year affordability period for an additional three (3) years from 2061 to 2064 and results in deepened affordability restrictions at Mission Bell. The refinancing activities and rehabilitation work, which included the installation of a new garage ventilation system, a new solar water tank heater, new solar panels, new reflective roofing, and low -flowing toilets, were completed in June 2011.