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File Number: 17-076 <br />December 2016, but received limited interest. The proposals that were submitted included <br />significantly lower pricing than the market prior to the Presidential election. The change in tax <br />credit pricing resulted in a more than $2 million dollar funding shortfall for the project. In recent <br />years, the California LIHTC market has been highly competitive with multiple bidders on most <br />projects. The sudden change in market conditions was unexpected and has had a widespread <br />impact on the affordable housing industry. <br />BRIDGE is working with the Alameda County Housing Authority to revise the Housing <br />Authority’s commitment of project-based vouchers. Those conversations have resulted in <br />additional project funding. A $1.7 million gap remains.. <br />The Proposition 1C affordable housing infrastructure State grants totaling over $20 million <br />(which the City and BRIDGE received for Marea Alta in 2008) require the project build at least <br />200 units or repay the grant, adding urgency for Marea Alta Phase II to proceed. <br />Previous Actions <br />·April 6, 2009 - City Council approved the Owner Participation and Loan Agreement (OPLA) <br />for a $9.1 million Housing Set-Aside Loan to BRIDGE Housing for a 100-unit affordable <br />rental housing development (“The Alameda”). <br />·July 20, 2009 - City Council approved planning entitlements and environmental clearance <br />under CEQA for the Cornerstone (formerly The Alameda) at 1400 San Leandro Boulevard <br />and BART replacement parking. <br />·April 9, 2012 - Staff from the City’s Community Development Department, BRIDGE <br />Housing, Westlake Development Partners, and OSIsoft presented a revised San Leandro <br />Crossings Master Plan at a City Council Work Session. Public comments included <br />requests that the project developer work with City staff and key community members to put <br />a childcare center in the Cornerstone project. <br />·June 18, 2012 - City Council approved the Amended and Restated Owner Participation <br />and Loan Agreement (OPLA) with Alameda Housing Associates, L.P. and authorized the <br />execution of all Transit Oriented Development Housing Program (TOD) Agreements <br />required by CA State Department of Housing and Community Development (HCD). <br />·July 16, 2012 - City Council approved a Loan Agreement for a $650,000 HOME Loan to <br />BRIDGE Housing for the 115-unit multifamily affordable rental housing development <br />Marea Alta - Phase I (formerly Cornerstone). <br />·December 2, 2013 - City Council approved the First Amendment to the OPLA, including <br />changes reflecting the City’s replacement as successor agency to the former <br />Redevelopment Agency. <br />·June 6, 2016 - City Council approved $1 million funding for Marea Alta Phase II. The $1 <br />million consist of $256,761 in federal HOME funds and $743,239 in funds held by the City <br />in its capacity as Housing Successor to the Redevelopment Agency. <br />Applicable General Plan Policies <br />Page 4 City of San Leandro Printed on 2/28/2017 <br />249