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File Number: 12 -322 Analysis The City of San Leandro receives federal HOME funds annually through the Alameda County HOME Consortium for affordable housing activities. The Consortium contains all of the Alameda County cities, except Oakland and Berkeley, plus the Urban County area. The City currently has over $900,000 in HOME funds that have accumulated since FY 2008. The HOME regulations stipulate a 24 -month funds commitment requirement which mandates that funds be "placed under binding commitment to affordable housing within 24 months" from when the funds are deposited in the jurisdiction's HOME Investment Trust Fund. The City currently has an "uncommitted" balance of about $500,000 from FY 2010 and prior years that are "at risk" of recapture by HUD if these funds are not committed by July 31, 2012. By providing BRIDGE with a $650,000 HOME loan, the City is able to commit these funds within HUD's commitment deadline and avoid the de- obligation of HOME funds by HUD. BRIDGE is projecting to begin construction of the Cornerstone in Spring 2014. The terms of the $650,000 loan will be three percent (3 %) simple annual interest for twenty (20) years. Eleven (11) units (6 two - bedrooms and 5 three - bedrooms) of the total 200 units will be restricted for very low- income households (50% AMI) at affordable rents throughout the 20 -year affordability period under HOME regulatory agreement. Previous Actions April 6, 2009 - City Council approved the Owner Participation and Loan Agreement (OPLA) for a $9.1 million Housing Set -Aside Loan to BRIDGE Housing for a 100 -unit affordable rental housing development ( "The Alameda "). July 20, 2009 - City Council approved planning entitlements and environmental clearance under CEQA for the Cornerstone at 1400 San Leandro Boulevard and BART replacement parking. April 9, 2012 - Staff from City Community Development Department, BRIDGE Housing, Westlake Development Partners, and OSlsoft presented the revised San Leandro Crossings Master Plan at a City Council Work Session. Public comments included requests that the project developer work with City staff and key community members to put a childcare center in the Cornerstone project. • June 18, 2012 - City Council approved the Amended and Restated Owner Participation and Loan Agreement (OPLA) with Alameda Housing Associates, L.P. and authorized the execution of all Transit Oriented Development Housing Program (TOD) Agreements required by CA State Department of Housing and Community Development (HCD). Applicable General Plan Policies Policy 3.01: MIX OF UNIT TYPES Encourage a mix of residential development types in the City, including single family homes on a variety of lot sizes, as well as townhomes, row houses, live -work units, planned unit developments, and multi - family housing. City of San Leandro Page 2 Printed on 711012012