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City of San Leandro <br />Meeting Date: June 6, 2016 <br />Resolution - Council <br />Agenda Section:File Number:15-722 ACTION ITEMS <br />Agenda Number: <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Cynthia Battenberg <br />Community Development Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:RESOLUTION Authorizing the City Manager to Execute a Loan Agreement for <br />$1,000,000 with Alameda Senior Housing Associates, L.P., a California <br />Limited Partnership (an Affiliate of BRIDGE Housing Corporation) for the <br />Financing of the Construction of an Affordable Senior Rental Housing Project <br />(Marea Alta Phase II) Located at 525 West Juana Avenue <br />WHEREAS, Alameda Senior Housing Associate, L.P., a California limited partnership <br />(“Developer”) has a lease for certain real property located at 585 West Juana Avenue in the <br />City of San Leandro, California, known as Alameda County Assessor’s Parcel Number <br />075-0230-001-00 (the “Property”); and <br />WHEREAS, Developer intends to construct an eighty-five (85) unit senior residential <br />development on the Property, consisting of seventy-seven (77) one-bedroom, one-bath units <br />and eight (8) two-bedroom, one bath units (the “Project”); and <br />WHEREAS, Developer will restrict eight (8) one-bedroom units and five (5) <br />two-bedroom units to extremely low-income households, and sixty-eight (68) one-bedroom <br />units and three (3) two-bedroom units to very low-income households. The remaining one <br />bedroom unit will be occupied by the on-site manager; and <br />WHEREAS, City is a participating jurisdiction in the Alameda County HOME <br />Consortium and is a recipient of funds pursuant to the HOME Investment Partnership Act, <br />established by the National Affordable Housing Act of 1990 (42 U.S.C. § 12471 et seq., <br />(“HOME Program”) that are subject to certain restrictions established by the United States <br />Department of Housing and Urban Development under 24 CFR 92; and <br />WHEREAS, Developer applied for and requested, and City agrees to provide, financing <br />to assist in the development of the Project in order to make the Project economically feasible <br />and affordable to extremely low- and very low-income senior households; and <br />Page 1 City of San Leandro Printed on 6/1/2016