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File Number: 22-260 <br />from each of these groups. <br />·Community meeting sponsored by Abode Communities via Zoom on March 3, 2022. <br />Legal Analysis <br />This staff report and related legal documents were reviewed and approved as to form by the City <br />Attorney’s Office. The City Attorney’s Office also prepared the related legal documents for review <br />tonight including the loan agreement. <br />Fiscal Impacts <br />City Council committed and allocated the $7 million on July 19, 2021 (Reso. No. 21-120). Of the <br />$7 million proposed for award to Abode, the only fiscal impact to the City will be on the Low Mod <br />Housing Asset Fund, which currently has a balance of approximately $2,400,000 in <br />unencumbered funds (Fund 168). These funds consist of repayments from the former <br />Redevelopment Agency Housing Set-Aside Fund loan assets. The use of these funds is <br />designated specifically for affordable housing activities, such as affordable rental housing <br />developments. City staff recommends awarding approximately $1.635 million from the Low Mod <br />Housing Asset Fund to Abode. <br />The remaining two funding sources are from Alameda County and State HCD. Staff recommends <br />the remaining approximately $5 million in County A-1 Bond proceeds should be awarded to <br />Abode. City staff also recommends allocating $349,960 from the 2019 State HCD PLHA funds to <br />Abode. <br />Budget Authority <br />See below for the budget authority for the following City affordable housing funding sources for <br />Abode Communities: <br />·City’s Low-Mod Housing Asset Fund (Fund 168), which must be used to produce, and <br />preserve affordable housing. <br />·State HCD Permanent Local Housing Allocation Fund Program - City and State HCD <br />executed a Standard Agreement in February 2021 for the City’s grant award of $2.1 <br />million over 5 years as noted above. <br />·2016 Alameda County A-1 Housing Bond - City was awarded a pro-rata share for <br />affordable housing developments in San Leandro. <br />Attachments <br />·Attachment A: Resolution <br />·Attachment A: Resolution, Exhibit A 15101 Washington Avenue Loan Documents <br />·Attachment C: 15101 Washington Avenue Financing Summary <br />PREPARED BY: Maryann Sargent, Senior Housing Specialist, Community Development <br />Department <br />Page 4 City of San Leandro Printed on 4/27/2022