Reso 2021-120 City Affordable Housing Funding Sources

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RESOLUTION THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO.2021-120 RESOLUTION OF THE CITY OF SAN LEANDRO CITY COUNCIL TO APPROVE THE COMMITMENT AND ALLOCATION OF CITY AFFORDABLE HOUSING FUNDING SOURCES TO ABODE COMMUNITIES FOR ACQUISITION AND NEW CONSTRUCTION OF A PROPOSED 72-UNIT AFFORDABLE HOUSING PROJECT AT 15101 WASHINGTON AVENUE IN AN AMOUNT NOT TO EXCEED 57,000,000 (55,015,000 FROM ALAMEDA COUNTY MEASURE A-1 BOND FUNDING; 5349,960 FROM CALIFORNIA HOUSING AND COMMUNITY DEVELOPMENT PERMANENT LOCAL HOUSING ALLOCATION; AND 51,635,040 FROM THE CITY LOW -MOD HOUSING ASSET FUND) WHEREAS, in February 2021, the City released a competitive Request for Proposals (RFP) for a qualified affordable housing developer with a viable affordable housing project that would be eligible for the City's affordable housing funds; and WHEREAS, after careful review, the City selected Abode Communities as the RFP awardee because it was best positioned to leverage the City's local, county and state funds; and WHEREAS, Abode Communities, a nonprofit housing developer, proposes to develop a 72-unit affordable rental housing project ("Project") at 15101 Washington Avenue (the "Property"), a 1.19 acre vacant site identified by the City's Economic Development Division as a residential opportunity site; and WHEREAS, the Project will be 100% affordable, with units primarily designated for very - low and extremely -low income households, with one manager's unit; and WHEREAS, the Project proposes 22 units designated as supportive housing and targeted to homeless individuals and families who will be referred through Alameda County's Coordinated Entry System; and WHEREAS, in order to make the Project financially feasible, Abode Communities will leverage various funding sources by using Seven Million Dollars ($7,000,000) in City -directed fiends to finance the Project; and WHEREAS, in November 2016, Alameda County Voters adopted an affordable housing bond measure, commonly known as Measure A-1; and WHEREAS, the City's allocation of A-1 bond proceeds is approximately Eleven Million Nine Hundred Thousand Dollars ($11,900,000); and WHEREAS, the City proposes to use the remaining Five Million Fifteen Thousand Dollars ($5,015,000) of its allocation of A-1 bond proceeds for the Project; and WHEREAS, the City must submit an application to use A-1 bond proceeds for the Project to the Alameda County Housing and Community Development Department, and the Alameda County Board of Supervisors must approve the award of the Measure A-1 Bond Support to Abode Communities for the Project; and