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Sx <br />i! <br />A' City of San Leandro <br />Meeting Date: January 17, 2012 <br />00 11 . Staff Report <br />File Number: 11 -439 Agenda Section: ACTION ITEMS <br />Agenda Number: 10.13. <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 <br />Interim Finance Director <br />TITLE: Staff Report for Approving the Transfer of Property and the Provision of a Loan <br />in the Amount of $100,000 to Eden Housing and Authorizing the Execution of <br />Loan Documents for the Acquisition and Rehabilitation of Surf Apartments <br />Staff Report for Approving the Transfer of Property and the Provision of a Loan in the <br />Amount of $100,000 to Eden Housing and Authorizing the Execution of Loan Documents for <br />the Acquisition and Rehabilitation of Surf Apartments <br />N*is]Jihyil;10IIL ,II[a]0R <br />Staff recommends the City Council adopt the resolution approving the transfer of property <br />and the provision of a loan in the amount of $100,000 to Eden Housing, and authorizing the <br />execution of loan documents for the acquisition and rehabilitation of Surf Apartments. <br />BACKGROUND <br />Eden Housinq Loan Agreement <br />The City will provide a $100,000 loan in order to assist Eden Housing to acquire and <br />rehabilitate Surf Apartments, a 46 -unit multi - family affordable rental housing property located <br />in San Leandro. City staff identified $65,000 in its Affordable Housing Trust Fund (AHTF) <br />and $35,000 in unallocated CDBG funds. The $100,000 loan will assist Eden Housing to <br />preserve the property and its affordability by acquiring it and undertaking immediate repair <br />work that includes roofing, bathroom fans, heaters, and insulation and physical <br />improvements (i.e. plumbing upgrades, interior upgrades, exterior paint and lighting, and <br />concrete and drainage repairs). <br />The terms of the $100,000 loan will be three percent (3 %) simple annual interest for fifty -five <br />(55) years. Eden Housing is leveraging the City loan with $250,000 federal Neighborhood <br />Stabilization Program II (NSP2) stimulus funds loan from the Alameda County Housing and <br />City of San Leandro Page 1 Printed on 111012012 <br />