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Surf Apartments Rehabilitation With the $100,000 loan that the City provided, Eden Housing is able to preserve Surf Apartments by assisting them in undertaking immediate repair work that includes roofing, bathroom fans, heaters, and insulation and physical improvements (i.e. plumbing upgrades, interior upgrades, exterior paint and lighting, and concrete and draining repairs). The rehabilitation work has yet to commence as Eden Housing is working diligently in adhering to the federal procurement process in order to select their architect and contractor. The rehabilitation is projected to be completed by December 2012. Lakeside Village Apartments Standard Lakeside I LP, owner of Lakeside Village Apartments, began the complete renovation and modernization of its 840 -unit apartment community located on Springlake Drive in San Leandro. The $20 million project will renovate and upgrade all of the unit interiors as well as the exterior of the complex in phases over the next three (3) years. In addition, Lakeside Village will convert from a market -rate property into a tax - credit, affordable housing property. Standard Lakeside successfully obtained federal /state tax credit financing, and City subsidy was not necessary. Fargo Senior Center Christian Church Homes (CCH) who currently manages Fargo Senior Center, the 75 -unit affordable senior housing property located in San Leandro successfully obtained tax credit financing to commence the rehabilitation of the 4- building property. Additionally, the City held a Tax and Equity Fiscal Responsibility Act (TEFRA) public hearing at its April 16, 2012 City Council meeting in order for the California Municipal Finance Authority (CFMA) to issue the $16 million tax - exempt revenue bonds to be used for the acquisition and rehabilitation of the property. The complete rehabilitation of the property involves upgrading major building systems such as heating, electrical, and the addition of air conditioning; redesigning and updating the exterior facades; replacing exterior balconies; replacing existing windows with more energy efficient windows; conducting asbestos abatement in all the interior units; and renovating all units by installing new updated kitchens, new flooring, new plumbing fixtures, and updated bathrooms. ♦ Housing Rehabilitation Program In FY 2011 -2012, in the midst of the Governor's proposed elimination of the City's Redevelopment Agency along with the more than 400 redevelopment agencies throughout California, the City temporarily suspended its Housing Rehabilitation Program. This popular and successful program historically provided funds to owner - occupants of lower income who reside within the municipal boundaries of the City to rehabilitate and repair their homes. The San Leandro Redevelopment Agency was officially dissolved in February 1, 2012 as a result of actions taken by the California State Legislature; and therefore, the City was unable to provide any grants or loans for this program in FY 2011 -2012. ♦ Section 8 Program The City supports the maintenance of the Housing Authority of Alameda County's (HACA) program for Section 8 rental assistance vouchers and certificates that can be used by San Leandro residents. HACA provided 1,402 Section 8 vouchers and fifteen (15) Shelter Plus DRAFT Consolidated Annual Perfonnance and Evaluation Report: FY 2011 -2012 City of San Leandro Page 6