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Packet 02072022
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11A Public Hearings
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File Number: 22-049 <br />Arizona, Colorado, Oregon, and Texas. To date, Integrity Housing’s current portfolio consists of <br />34 properties, totaling 2,824 units with an additional 935 units either under contract or in <br />development. <br />The benefit to the City will be that the Borrower will be able to acquire Metro 77 & 85 Apartments <br />and convert 75% , or 110 units, of the total 146 units to affordable rental housing: 30 units will be <br />set-aside for very low income renters (at or below 50% area median income) and 80 units will be <br />targeted to low income renters (at or below 80% area median income). The remaining 36 units <br />will remain market rate. As required by the revenue bond, the affordable units must remain <br />affordable for 30 years. In addition, the City may count the 110 units being converted to long -term <br />affordable rental units towards its current 2015-2023 Regional Housing Needs Goals for very low <br />and low income housing unit production. <br />Below is a breakout by unit type and income level for the proposed Project: <br />50% AMI 80% AMI Market <br /> Units 20%55%25% <br />Studio 6 1 3 2 <br />1x1 88 18 48 22 <br />2x1 23 5 13 5 <br />2x2 27 5 15 7 <br />3x2 2 1 1 0 <br />Total Units 146 30 80 36 <br />The proposed rehabilitation work by the Borrower includes: roof replacement, elevator cab and <br />mechanical, identifying and resolving any potential Americans with Disabilities Act (ADA) issues, <br />structural reinforcement, and all deferred maintenance. Additionally, interior unit renovations <br />include new floors, appliances, cabinets, lighting fixtures, installing washer/dryers, plumbing <br />fixtures, doors, bathrooms, etc. <br />The Borrower anticipates that all existing residents will income qualify under the new affordability <br />levels. Resident’s specific income levels will be determined upon lease renewals. Residents <br />whose income qualify them under the 50% AMI limit will have their rent reduced to the applicable <br />50% AMI rent level. If a resident’s income is above the 80% AMI level, the market rate portion of <br />the property allows them to remain in place in an unrestricted unit. It is expected that there will no <br />resident displacement due to the diversity of income set asides. <br />If the City had declined to hold the TEFRA public hearing, the Borrower would have asked <br />Alameda County to conduct the public hearing. <br />Applicable General Plan Policies <br />Page 3 City of San Leandro Printed on 2/3/2022
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