Laserfiche WebLink
File Number: 17-077 <br />Developer highly competitive low income housing tax credits (LIHTC), which represented the <br />final major funding component to make the Project financially feasible to develop; and <br />WHEREAS, recent statements and efforts from the Trump Administration that propose <br />lowering corporate tax rates had an unexpected and negative national impact on affordable <br />rental housing development projects in the process of or which were approved for federal or <br />State low income housing tax credits (LIHTC), which led to financing gaps that make the <br />projects financially infeasible; and <br />WHEREAS, the $580 million Alameda County Measure A1 Housing Bond (Bond) was <br />passed by County voters in November to target affordable housing program needs for low and <br />moderate income County residents; and <br />WHEREAS, each city in Alameda County received an allocation from the Bond for <br />affordable rental housing and San Leandro’s pro rata share is approximately $11.9 million <br />dollars; and <br />WHEREAS, Alameda County Housing and Community Development (County HCD) <br />proposed that affected cities determine whether they would like to use a portion of their Bond <br />allocation towards filling the unexpected financing gaps in applicable affordable rental housing <br />developments in their jurisdictions; and <br />WHEREAS, the Developer now faces a funding shortfall of over $2 million due to lower <br />corporate investor interest in the LIHTC Program and lower investor payments for the tax <br />credits; and <br />WHEREAS, the Developer is working diligently to pursue other funding sources to <br />reduce the over $2 million financing shortfall for the Project; and <br />WHEREAS, the City’s affordable housing funding resources have dwindled and not been <br />adequately replenished since the State of California terminated redevelopment state-wide in <br />2012. <br />NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE, as <br />follows: <br />Section 1. All recitals above are true, correct and incorporated herein. <br />Section 2. The City Council finds that financial assistance in an amount not to exceed <br />$1,700,000.00 is necessary to make the Project financially feasible to construct, and the <br />financial assistance will help to increase the supply of affordable senior housing, especially for <br />extremely low- and very low-income senior households, in the City. <br />Section 3. The City Council authorizes an allocation not to exceed $1,700,000.00 from <br />the City of San Leandro’s share of Alameda County Measure A1 Housing Bond Funds to the <br />Developer for San Leandro Senior Apartments, also known as Marea Alta Phase II. <br />Section 4. The City Manager, or his designee, is hereby authorized to take such <br />further actions and execute all documents necessary or appropriate to carry out this <br />Resolution. <br />Page 2 City of San Leandro Printed on 2/28/2017 <br />255