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:p City of San Leandro <br />Meeting Date: November 7, 2011 <br />Staff Report <br />File Number: 11 -264 Agenda Section: PUBLIC HEARINGS — CITY <br />COUNCIL <br />Agenda Number: 3.A. <br />TO: City Council <br />FROM: Lianne Marshall <br />Interim City Manager /Executive Director <br />BY: Luke Sims <br />Community Development Director <br />FINANCE REVIEW: James O'Leary, Interim Finance Director <br />TITLE: Staff Report for Amendment to the San Leandro Consolidated Annual FY <br />2011 -2012 Action Plan <br />RECOMMENDATIONS <br />Staff recommends the City Council hold a <br />Amendment to the FY 2011 -2012 Action <br />available for public comment for a 30 -day <br />and set a public hearing for December 19, <br />Action Plan. <br />public hearing, provide direction to staff on the <br />Plan, make the summary of the amendment <br />period from November 17 - December 19, 2011, <br />2011 to consider final approval of the amended <br />BACKGROUND <br />Surf Apartments consist of forty -six (46) 1- bedroom units of family rental housing located at <br />15320 Tropic Court. In late 2001, non - profit housing developer Citizens Housing <br />Corporation (Citizens Housing) requested financial assistance from the City of San Leandro <br />to purchase and rehabilitate the property in order to convert it into an affordable housing <br />property for primarily low- income households (60% AMI or below). In May 2002, the City <br />Council approved a $700,000 federal Home Investment Partnership Act (HOME) funds loan <br />and a $300,000 Redevelopment Set -Aside funds loan, which Citizens Housing used along <br />with CaIFHA bond financing and 4% tax credits to acquire and rehabilitate Surf Apartments. <br />Thirty -five <br />(35) of the units at <br />Surf Apartments serve affordable households <br />between 35% <br />and 60% <br />AMI, while eleven (11) <br />of its units are market -rate units. Specifically, <br />the regulatory <br />agreement <br />that the City executed <br />with Citizens Housing restricted at least 49% <br />(22 of 46) of <br />the units <br />for low- income tenants <br />(60% AMI) and eleven (11) floating HOME <br />units for very <br />low- income tenants (50% AMI) for a 55 -year term until 2058. <br />City of San Leandro Page 1 Printed on 11/1/2011 <br />