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10A Action 2021 0719
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10A Action 2021 0719
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7/15/2021 4:27:44 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agenda
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7/19/2021
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Reso 2021-120 City Affordable Housing Funding Sources
(Approved by)
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\City Clerk\City Council\Resolutions\2021
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File Number: 21-456 <br />leverage various funding sources by using Seven Million Dollars ($7,000,000) in City-directed <br />funds to finance the Project; and <br />WHEREAS, in November 2016, Alameda County Voters adopted an affordable housing <br />bond measure, commonly known as Measure A-1; and <br />WHEREAS, the City’s allocation of A-1 bond proceeds is approximately Eleven Million <br />Nine Hundred Thousand Dollars ($11,900,000); and <br />WHEREAS, the City proposes to use the remaining Five Million Fifteen Thousand Dollars <br />($5,015,000) of its allocation of A-1 bond proceeds for the Project; and <br />WHEREAS, the City must submit an application to use A-1 bond proceeds for the Project <br />to the Alameda County Housing and Community Development Department, and the Alameda <br />County Board of Supervisors must approve the award of the Measure A-1 Bond Support to <br />Abode Communities for the Project; and <br />WHEREAS, the City also proposes to use the City’s 2019 Permanent Local Housing <br />Allocation of Three Hundred Forty Nine Thousand Nine Hundred Sixty Dollars ($349,960) to <br />assist in the development of the Project; and <br />WHEREAS, the City also proposes to use the One Million Six Hundred Thirty Five <br />Thousand Forty Dollars ($1,635,040) from the City’s Low-Mod Housing Asset Fund to assist in <br />the development of the Project; and <br />WHEREAS, these three sources combine for a total allocation of Seven Million Dollars <br />($7,000,000) to Abode Communities to support the development of the Project; and <br />WHEREAS, staff will return to the City Council in the Fall of 2021 for approval of a loan <br />agreement, regulatory agreement, and related documents for the City-controlled funding. <br />NOW, THEREFORE, the City Council of the City of San Leandro hereby RESOLVES as <br />follows: <br />1. The above recitals are true and correct, and incorporated into this Resolution. <br />2. The City Council approves the allocation of Alameda County Measure A-1 Bond funding of <br />Five Million Fifteen Thousand Dollars ($5,015,000) to Abode Communities for the Project, <br />subject to the approval of the Alameda County Board of Supervisors. <br />3. The City Council approves the allocation of the City’s 2019 Permanent Local Housing <br />Allocation of Three Hundred Forty Nine Thousand Nine Hundred Sixty Dollars ($349,960) to <br />Abode Communities for the Project. <br />Page 2 City of San Leandro Printed on 7/15/2021 <br />874
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