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File Number: 19-479 <br />because of the inherent uncertainty related to the current litigation, it is unclear at this time how <br />much of the purchase costs and repair and “make-ready for sale” costs will be recouped at this <br />time. <br />Applicable General Plan Policies <br />Housing Element Policy 55.01, Community Stability Through Home Ownership - Enhance <br />community stability by promoting home ownership and creating opportunities for first-time <br />homebuyers in the City of San Leandro. <br />Environmental Review <br />Environmental review is not applicable. <br />Legal Analysis <br />The City Attorney’s Office reviewed and approved this staff report and related resolution . <br />Fiscal Impacts <br />The City currently has an unaudited balance of approximately $2,040,288 in undesignated fund <br />balance in the Affordable Housing Assets Fund (Fund 168), also known as the Housing <br />Successor Fund. These funds consist of repayments from the former Redevelopment Agency <br />Housing Set-Aside Fund loans (such as the down payment assistance and owner-occupied <br />housing rehabilitation loan programs as well as prior development loans to nonprofit developers). <br />The use of these funds are designated specifically for affordable housing activities. <br />The Affordable Housing Assets Fund currently has sufficient funding to provide the $415,000 that <br />the City may use to purchase 713 Bloom Street and to make the necessary repairs to address <br />code violations and cosmetic needs. <br />Budget Authority <br />Budget authority for the Resolution comes from the City of San Leandro’s Affordable Housing <br />Assets Fund cash balance, Fund 168 (aka Housing Successor Fund), which must be used for <br />affordable housing. <br />Attachment to Staff Report <br />·None <br />PREPARED BY: Maryann Sargent, Senior Housing Specialist, Community Development <br />Department <br />Page 3 City of San Leandro Printed on 10/2/2019 <br />28