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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 financial <br />assistance will help to increase the supply of affordable senior housing, especially for extremely <br />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 the <br />City of San Leandro's share of Alameda County Measure Al 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 further <br />actions and execute all documents necessary or appropriate to carry out this Resolution. <br />Introduced by Councilmember Lopez and passed and adopted this 6th day of March, <br />2017, by the following vote: <br />Members of the Council: <br />AYES: Councilmembers Cox, Hernandez, Lee, Lopez, Thomas; Mayor Cutter (6) <br />NOES: None (0) <br />RECUSED: Councilmember Ballew (1) <br />ATTEST: <br />Tamika Gre nwood, City Clerk <br />RESOLUTION NO. 2017-031 2 <br />