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SECTION B: INVESTMENT OF AVAILABLE RESOURCES <br />Obiective: Provide Decent Housing <br />Priority #1. Increase the availability of affordable rental housing for <br />extremely low-, very low-, low-, and moderate -income families. <br />Activities: <br />♦ New construction of affordable housing <br />The City, Redevelopment Agency, BRIDGE Housing Corpoi <br />Alameda at San Leandro Crossings), and Westlake Develop <br />for The Cornerstone) continued to work and meet regularly <br />both residential development projects and the BART rppl <br />construction in 2012. BRIDGE is planning to re -apply i� <br />tax credits in early 2012. The Alameda, a pro b"sed 1 <br />development which is part of the mixed income S=Vi,­�'. dro <br />was delayed in April 2010 due to the current ecoima <br />1C infrastructure grants awarded to the project. Prev <br />million Redevelopment Housing Set -Aside development <br />The City Council approved entitlements ,ahe Final Map fo' <br />on profit developer for The <br />Atners (for profit developer <br />g u FY 2010-2011 to move <br />ent ng forward towards <br />and St w income housing <br />x <br />fit afford rental housing <br />newness of St*Proposition <br />s:. <br />ie City Council approved a $9.1 <br />for The Alameda in April 2009. <br />ate Alameda in January 2010. <br />♦ Acquisition and rehabilitation of a& abler ding <br />Las Palmas Apartments, an affordable 91 unit muj , 1,re11tal yproperty primarily for low- <br />income households (60% or below), is tiwrt by Cls Housing Corporation (Citizens <br />Housing. However, Efli :. ing, another experienced=_anon-profit housing developer, has <br />managed Las Palmasce Octcr 2009 due 4 the economic downturn that led to Citizens <br />Housing experiencih ncial cfficulties and ,ing closure. The City assisted in the <br />ion o asa m Pa In Ul er lousing with $750,000 in federal Home <br />Investment Pashtp A 999. In February 2011, the Redevelopment <br />Agency onto-iRan L ` o provided Eden Housing with a $50,000 Agency loan to <br />assum5, mplete owns of L mos. The transfer of the general partnershipownership <br />frond ns Housing , en Ho Y helped preserved the long-term affordability of Las <br />Palmas. W. the City's ';Y ent aflydability restrictions on 45 of the 91 units (designated for <br />_.; <br />low-income holds at or. low 60% AMI) were extended for an additional fifteen years (15) <br />from 2015 to The �A loan also restricted an additional five (5) units for very -low <br />income household b % for a 55 -year period until 2066. <br />Area Median Incom `; AMI% <br />Current Restrictions Additional Restrictions New Restrictions <br />Very Low (5 50% AMI) <br />11 5 16 <br />Low (<_ 60% AMI) <br />34 34 <br />TOTAL UNITS <br />45* 5** 50 <br />`I nese 4b units will be restricted until 200.. <br />'"These 5 units will be restricted until 2066. <br />See also "Mission Bell Apartments Rehabilitation and Refinancing" under Priority #2. <br />DRAFT Consolidated Annual Performance and Evaluation Report: FY 2010-2011 <br />City of San Leandro <br />Page 4 <br />