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Summer 2002. Financing sources for the project include a HUD Section 202 award to the owner for $5,693,000, a HUD Section 108 loan to the City of $1,000,000, and an in -lieu payment of $500,000 from Citation Homes, the Cherrywood developer. Fuller Lodge II Eden Housing, Inc., developer of Fuller Lodge, housing for developmentally disabled adults in San Leandro, acquired property adjacent to the Lodge and plans to construct 16 affordable units for the same population. The project, scheduled to begin construction in Summer 2002, will remove a major blight on E. 14th Street and serve a need for increased opportunities for independent living for people with developmental disabilities. Funding sources include a HUD 811 award for $1,594,4000, State of California HCD Multifamily Housing Program contribution of $829,322, and an Agency set -aside share of $550,000. Cherrywood/Inelusion ary Housing "Inclusionary housing" refers to state law that requires new housing built in certain kinds of redevelopment areas to contain a percentage of affordable units; an example in San Leandro is Cherrywood, by Citation Homes, located in the City -County Joint Project Area. Cherrywood is a new 354-lot housing development under construction with some inclusionary housing on -site (in addition to the in -lieu contribution to San Leandro Senior Housing). There are three different product types at Cherrywood: • Jubilee - 50' x 70', 100 market and 28 below market rate (BMR) units • Accolade - cluster homes, 146 market and 0 BMR units • Rainier - 50' x 80', 70 market and 10 BMR units Jubilee units' list prices range from $470,000 to $540,000 and are 1,932-2,500 square feet with 4 floor plans, 4-5 bedrooms, and 2.5-3 baths. Subject to market conditions, production for Rainier should start in 2003. Some of the BMR sales are also First Time Home Buyers in the Agency program. Multi -family Projects and the Apartment Rehabilitation Program The nine -unit Golden Gate Drive apartment complex is undergoing remodeling funded by a redevelopment set -aside contribution of $96,900 approved in 2000. The Apartment Rehabilitation Program has been underway since 1997. The program generates affordable units in existing multi -family housing by using set -aside funds to supplement the owner contribution to renovations. Outside of the program, a 91-unit building owned by non-profit Citizens Housing used San Leandro HOME funds, tax credits, and tax-exempt bond financing, and will provide 79 units affordable to households at 60% or less of the median income. G:\cmo\dept\office of business development\rda folder\agency accomplishments 200 Ldoc