Reso 2020-140 FY 2019 2020 CAPER

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Despite these funding challenges, the City allocated HOME funds to two affordable housing developments, Marea Alta and La Vereda, totaling 200 housing units. This development is located in the City's Downtown Transit Oriented Development Strategic Plan area and is conveniently located near BART and a soon to be constructed Bus Rapid Transit line and Technology Campus. The "Tech Campus" is a multi -phased downtown development that will include three six -story office buildings totaling 340,000 to 500,000 square feet of commercial office space. The Tech Campus represents the first major office development under the City's Downtown Transit -Oriented Development Strategy and the first technology oriented project in downtown. When fully built -out, this high density project will signify a $200 million investment in the City and create 1,800 high quality jobs. Up to 2,000 construction jobs will also result from all three phases of the development. Discuss how these outcomes will impact future annual action plans. The City continues to prepare its annual action plans based on projected decreases in funding levels. There are significant efforts both regionally and at the State level to address decreased funding for affordable housing development. The 2017-18 Regular Session of the California State Legislature passed two bills (of many other housing -related legislation) seeking to generate funds for new affordable housing production. The Building Homes and Jobs Act (SB 2: Atkins) will establish a permanent source of funding for affordable housing through a $75 fee on real estate document filings. The Affordable Housing Bond Act (SB 3: Beall) allowed the State of California to place a $4 billion statewide general obligation bond for affordable housing on the November 2018 ballot. Proposition 1: Housing Programs and Veterans' Loan Bond was approved and will fund existing critical and successful affordable housing programs operated by State agencies. Additionally, the statewide Greenhouse Gas Reduction Fund's Affordable Housing and Sustainable Communities program is a competitive funding program that encourages collaboration between affordable housing developers, jurisdictions and transit agencies to fund affordable housing development and transportation infrastructure and amenities. City staff will continue encouraging affordable housing developers and area transit agencies to collaborate in an application to AHSC for funding when a viable and competitive housing and transportation development is ready to move forward. Alameda County Measure A-1 was a voter -approved initiative authorizing a $580 million general obligation bond to invest in regional efforts to address the lack of affordable housing. The City of San Leandro has a base allocation of these funds in the amount of over $10 million. A-1 funds are specifically designated for affordable rental housing development with the goal of creating and preserving affordable housing. City staff have committed $4million of these funds to Parrott Street Apartments, a 62 unit affordable rental apartments on San Leandro Boulevard across the street from the San Leandro BART stations. Additionally, Parrot Street Apartments secured additional funding through the county- wide competitive pool for affordable housing development allowing it to proceed in applying for LIHTC funding. Other programs supported by Alameda County A-1 funds include a first-time homebuyer down CAPER 16 OMB Control No: 2506-0117 (exp. 06/30/2018)