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File Number: 15-695 <br />Palmas Apartments. The former Redevelopment Agency loan was transferred to the City as <br />housing successor in October 2015. <br />In Summer 2015, Eden Housing re-applied for and was awarded low income housing tax <br />credits (“resyndication”) and tax-exempt bonds from the State Tax Credit Allocation <br />Committee (TCAC) and California Debt Limit Allocation Committee (CDLAC), to finance the <br />rehabilitation and improvement of the aging Las Palmas Apartments. Improvements will <br />include new roofs, new vinyl windows, new plumbing, photovoltaic solar panels, solar hot <br />water heater facilities, new ADA units, a newly renovated community room, along with unit <br />renovations such as new appliances, new cabinets and countertops, and new flooring and <br />carpets. Eden Housing is not seeking any additional City financial assistance. <br />To effectively secure the newly awarded tax credit equity, Eden Housing requests that the City <br />approve the transfer and assignment of both HOME and former RDA Housing loans from Las <br />Palmas Development Partners, L.P, a tax credit affiliate entity of Eden Housing that currently <br />owns and manages Las Palmas Apartments, to a new tax credit limited partnership LPSL, <br />L.P. Additionally, a key modification to the existing loans is the 55-year extension of the <br />maturity date of both loans to reflect the new TCAC regulatory agreements that will extend the <br />affordability of Las Palmas Apartments for an additional 55 years. Under the new <br />TCAC/CDLAC regulatory agreements, 9 of the 22 “market” rate units will be restricted as <br />affordable tax credit units while the remaining 13 “market” rate units will be restricted to 60% <br />Area Median Income through attrition once the over-income tenants move out through the <br />existing City Regulatory Agreement. <br />Previous Actions <br />On September 8, 2015, the City Council conducted a TEFRA public hearing and adopted a <br />resolution that approves California Municipal Finance Authority issuance of revenue bonds for <br />Eden’s tax credit/tax-exempt bond financing application for renovations to Las Palmas <br />Apartments. <br />Committee Review and Actions <br />On October 5, 2015, the City Council, as housing successor to the former Redevelopment <br />Agency, approved the assignment and assumption of the $50,000 loan to Eden Housing and <br />Las Palmas Apartments. <br />On October 14, 2015, the Successor Agency to the City of San Leandro Redevelopment <br />Agency Oversight Board approved by resolution that the $50,000 Redevelopment Housing <br />Set-Aside loan should be transferred to the housing successor pursuant to Health and Safety <br />Code Sections 34176 (a) and 34181 (a). <br />Applicable General Plan Policies <br />The proposed renovations to Las Palmas Apartments by Eden Housing advance Goal 56 <br />(Affordable Housing Conservation) under the City’s Housing Element Update, which was <br />certified by the State Housing and Community Development Department in February 2015. <br />Page 2 City of San Leandro Printed on 12/22/2015