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MANAGEMENT'S DISCUSSION AND ANALYSIS 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 hinds 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 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. 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 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 from CHC and help preserve the long -term affordability of Las Palmas. In addition, current affordability restrictions on 45 of the 91 units for low - income households at or below 60% AMI were extended for an additional fifteen years (15) from 2015 to 2030, while the RDA loan also restricted an additional five (5) units for very-low income households (50% AMI) for a 55 -year period until 2066. 11