Reso 2021-120 City Affordable Housing Funding Sources

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WHEREAS, the City also proposes to use the City's 2019 Permanent Local Housing Allocation of Three Hundred Forty Nine Thousand Nine Hundred Sixty Dollars ($349,960) to assist in the development of the Project; and WHEREAS, the City also proposes to use the One Million Six Hundred Thirty Five Thousand Forty Dollars ($1,635,040) from the City's Low -Mod Housing Asset Fund to assist in the development of the Project; and WHEREAS, these three sources combine for a total allocation of Seven Million Dollars ($7,000,000) to Abode Communities to support the development of the Project; and WHEREAS, staff will return to the City Council in the Fall of 2021 for approval of a loan agreement, regulatory agreement, and related documents for the City -controlled fiinding. NOW, THEREFORE, the City Council of the City of San Leandro hereby RESOLVES as follows: The above recitals are true and correct, and incorporated into this Resolution. 2. The City Council approves the allocation of Alameda County Measure A-1 Bond funding of Five Million Fifteen Thousand Dollars ($5,015,000) to Abode Communities for the Project, subject to the approval of the Alameda County Board of Supervisors. 3. The City Council approves the allocation of the City's 2019 Permanent Local Housing Allocation of Three Hundred Forty Nine Thousand Nine Hundred Sixty Dollars ($349,960) to Abode Communities for the Project. 4. The City Council approves the allocation of One Million Six Hundred Thirty Five Thousand Forty Dollars ($1,635,040) from the City's Low -Mod Housing Asset Fund to Abode Communities for the Project. 5. The allocations to Abode Communities approved by this Resolution are subject to the approval by the City Council of loan agreements, regulatory agreements, and related documents regarding the funding, as well as the formal appropriation of such funding. 6. The City Manager, or her designee, is authorized and directed to execute any and all applications and documents for Alameda County's approval of the proposed use of Measure A-1 Bond funding, or all other actions necessary to carry out the purpose and intent of this resolution. RESOLUTION NO. 2021-120 2