Reso 2012-104 - Laserfiche WebLink

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SECTION B: INVESTMENT OF AVAILABLE RESOURCES Obiective: Provide Decent Housing Priority #1. Increase the availability of affordable rental housing for extremely low -, very low -, low -, and moderate- income families. Activities: ♦ New construction of affordable housing In FY 2011 -2012, the City, in collaboration with BRIDGE Housing Corporation (non - profit developer for The Alameda, the 100 -unit affordable housing rental development) and Westlake Development Partners (for - profit developer of the 200 -unit market -rate rental development of Cornerstone) revised the San Leandro Crossings Masterplan Development. The proposed changes were the result of 1) the State Housing and Community Development Department (HCD) requiring the development of a minimum of 200 affordable rental units in order to retain the $24 million Proposition 1C (Transit- Oriented Development Grant and Infill Infrastructure Grant Programs) funds awarded to the San Leandro Crossings project, and 2) the emergence of OSIsoft, an innovative high technology company that develops real -time data software for manufacturers around the world, and its plans to develop a technology campus on Westlake's property west of the BART Station. In accordance with the revised San Leandro Crossings Masterplan, BRIDGE Housing redesigned its original plans for The Alameda in order to construct 200 units of affordable rental housing at the original Cornerstone site. In June 17, 2012, the San Leandro City Council approved an additional $650,000 in federal Home Investment Partnership Act (HOME) funds to BRIDGE Housing for its construction gap resulting from the project's redesign and new site location. ♦ Acquisition and rehabilitation of affordable housing Surf Apartments, an affordable 46 -unit multi - family rental property primarily for low- income households (60% AMI or below), is owned by Citizens Housing Corporation (Citizens Housing). However, Eden Housing, another experienced non - profit housing developer, has managed Las Palmas since October 2009 due to the economic downturn that led to Citizens Housing to experience financial difficulties that eventually resulted in its dissolution. In 2003 the City assisted in the acquisition and rehabilitation of Surf by providing Citizens Housing with $700,000 in federal Home Investment Partnership Act (HOME) funds and $300,000 in Redevelopment Agency funds. In January 2012, the City of San Leandro provided Eden Housing with a $100,000 loan to assume complete ownership of Surf as well as to rehabilitate the property before Citizens Housing dissolved as an organization. The loan, which consisted of $35,000 unallocated Community Development Block Grant (CDBG) funds and $65,000 Affordable Housing Trust Fund (AHTF) funds, assisted in preserving the long -term affordability of Surf. In addition to the twenty -two (22) units that the City already restricted until 2058, the loan restricted an additional ten (10) units for low- income households at or below 60% AMI for a 55 -year period until 2066. The rehabilitation of Surf Apartments is further discussed in "Surf Apartments Rehabilitation" under Priority 92. DRAFT Consolidated Annual Perfonnance and Evaluation Report: FY 2011 -2012 City of San Leandro Page 4