MO 2012-003 - Laserfiche WebLink

Home

shuttle continues to be strong, and the Agency facilitated renegotiation of the contract with service provider MV Transportation to provide a small decrease in operating expenses. Although grants have been secured for the next three fiscal years, a small financial contribution from the Agency was needed in 2010 -11 to ensure that the account remained solvent. Minor Agency support will likely be needed in future years. Housing The housing objectives of the San Leandro Redevelopment Agency 2010 -14 Implementation Plan, City of San Leandro Housing Element, and the City's U.S. Department of Housing and Urban Development (HUD) 2010 -2014 Consolidated Plan address the underserved housing needs of households and families in San Leandro. One of the primary goals in these City housing plans is to provide programs that foster and maintain affordable housing. The Agency is a crucial funding source and has effectively leveraged set -aside funds with other sources in cooperation with developers (i.e., non - profit and for profit) and the City in achieving these goals. Pursuant to Health and Safety Code Section 33080.1(c), notable Agency- assisted housing activities for FY 2010 -11 include: • Financial Overview: Tax increment revenue for housing was $2.6 million in the 2010 -11 fiscal year, equal to 20 percent of Agency -wide tax increment revenue. Revenue for housing represents a 0.4% increase from the prior fiscal year. • The City, Redevelopment Agency, BRIDGE Housing Corporation (non - profit developer for The Alameda at San Leandro Crossings), and Westlake Development Partners (for profit developer for The Cornerstone) continued to work and meet regularly throughout FY 2010 -2011 to move 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 master plan development, was delayed in April 2010 due to the current economic climate and newness of State Proposition 1 C 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. • Las Palmas Apartments, an affordable 91 -unit multi - family rental property primarily for low- income households, changed ownership in early 2011. The nonprofit, Eden Housing, has assumed ownership and management of Las Palmas from the prior nonprofit owner, Citizens Housing Corporation (CHC), which is terminating at the end 2012 due to financial issues resulting from the economic downturn. The City already assisted CHC in acquiring Las Palmas in 1999 through a federal Home Investment Partnership Act (HOME) loan. In