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City of San Leandro <br />Meeting Date: September 15, 2014 <br />Staff Report <br />Agenda Section:File Number:14-342 ACTION ITEMS <br />Agenda Number:10.A. <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Cynthia Battenberg <br />Community Development Director <br />FINANCE REVIEW:Not Applicable <br />TITLE:Staff Report for a Resolution Approving First Amendment to HOME <br />Investment Partnerships Program (HOME) Funds Loan Agreement, <br />Promissory Note, Deed of Trust, and Regulatory Agreement and Authorizing <br />Execution of First Amendment to Loan Agreement and Regulatory Agreement <br />with Alameda Housing Associates, L.P. and Update on the Affordable Rental <br />Housing Project (Cornerstone Apartments) Located at 1400 San Leandro <br />Boulevard <br />SUMMARY AND RECOMMENDATIONS <br />In July 2012, the City approved a $650,000 federal HOME Investment Partnerships Program <br />(HOME) funds loan to Alameda Housing Associates, L.P. to assist in the construction of the <br />Cornerstone Apartments (Cornerstone), a 200-unit affordable rental housing project located at <br />1400 San Leandro Boulevard. These federal HOME funds supplement the $9.1 million former <br />Redevelopment Agency of the City of San Leandro (RDA) Housing Set-Aside Funds loan <br />funding the City approved in 2009 for the project. Due to changes to the project that caused it <br />to become a multi-phased project that increases from 100 to 200 affordable rental units, the <br />HOME Loan Agreement and related Regulatory Agreement, Promissory Note, and Deed of <br />Trust, require modification. The City Council approved similar amendments to the Owner <br />Participation and Loan Agreement for the $9.1 million in December 2013. <br />Staff recommends that the City Council approve the resolution authorizing the execution of <br />the First Amendment to the HOME Loan Agreement for the Cornerstone Apartments project. <br />Staff recommends that the City Council permit BRIDGE Housing Corporation, the non-profit <br />developer, to provide a brief project update on the Cornerstone Apartments project. <br />BACKGROUND <br />The primary purposes for modifying the existing 2012 HOME Loan Agreement are to update <br />language in the original version and to reflect the current project scope. The key features for <br />Page 1 City of San Leandro Printed on 9/9/2014