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City of San Leandro <br />Meeting Date: May 2, 2022 <br />Staff Report <br />Agenda Section:File Number:22-260 CONSENT CALENDAR <br />Agenda Number:9.d. <br />TO:City Council <br />FROM:Fran Robustelli <br />City Manager <br />BY:Tom Liao <br />Community Development Director <br />FINANCE REVIEW:Susan Hsieh <br />Finance Director <br />TITLE:Resolution to Approve a Loan to Abode Communities for Land Acquisition and <br />New Construction of a 72-Unit Affordable Housing Development at 15101 <br />Washington Avenue in an Amount Not to Exceed $7,000,000 ($5,015,000 from <br />Alameda County Measure A-1 Bond funding; $349,960 from California Housing <br />and Community Development Permanent Local Housing Allocation; and <br />$1,635,040 from the City Low-Mod Housing Asset Fund) and Authorizing the City <br />Manager to Execute All Related Documents <br />SUMMARY AND RECOMMENDATIONS <br />Abode Communities (Abode), an experienced nonprofit housing developer based in Los <br />Angeles, proposes to develop a 72-unit affordable rental housing development (Washington <br />Avenue Apartments) at 15101 Washington Avenue (Assessor’s Parcel Number <br />080H-1515-008-02). <br />Staff recommends that the City Council approve the resolution authorizing the City to approve a <br />loan to Abode Communities for the land acquisition and new construction of a 72-unit affordable <br />housing project located at 15101 Washington Avenue. The proposed total loan amount is not to <br />exceed $7,000,000 and is sourced from: 1) Alameda County Measure A-1 ($5,015,000), 2) <br />California Housing and Community Development Department Permanent Local Housing <br />Allocation (PLHA) for the City of San Leandro ($349,960), and 3) City of San Leandro’s Low-Mod <br />Housing Asset Fund ($1,635,040). Abode intends to use City funding for acquisition and <br />construction of the project. <br />The City Council committed and allocated the $7 million at its July 19, 2021 public meeting <br />because Abode was exploring public financing options and needed to have a local match <br />pledged. Tonight, City Council will review and approve the formal legal documents, including the <br />loan agreement, for the previously approved $7 million allocation. Abode will continue to leverage <br />local City funds with a variety of other public affordable housing financing resources, including the <br />State/federal low income housing tax credit program (LIHTC). <br />Page 1 City of San Leandro Printed on 4/27/2022