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REDEVELOPMENT AGENCY <br />OF THE CITY OF SAN LEANDRO <br />STAFF REPORT <br />DATE: <br />TO: <br />FROM: <br />VIA: <br />BY: <br />November 15, 2010 <br />APPROVED AND <br />FORWARDED <br />TO THE REDEVELOPMENT <br />AGENCY <br />Stephen L. Hollister <br />Executive Director <br />Stephen L. Hollister, Executive Director <br />Luke Sims, Community Development Director <br />Tom Liao, Housing /CDBG Manager <br />Steve Hernandez, Housing Specialist I 1 5 <br />SUBJECT PROJECT /PROJECT DESCRIPTION: <br />RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br />APPROVING AN AMENDED AND RESTATED AFFORDABLE HOUSING REGULATORY <br />AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS FOR THE EDEN <br />LODGE APARTMENT PROJECT <br />SUMMARY AND RECOMMENDATION <br />Staff recommends that the Redevelopment Agency of the City of San Leandro adopt the resolution <br />1) approving the Amended and Restated Regulatory Agreement and Declaration of Restrictive <br />Covenants to assist with the transfer and refinance of the Eden Lodge Apartments located at 400 <br />Springlake Drive; and 2) authorizing the Executive Director to execute and deliver such other <br />instruments and to take such other actions as necessary to carry out the intent of this resolution. <br />BACKGROUND <br />Built by non - profit affordable housing developer Eden Housing, Inc. in 1981, Eden Lodge <br />provides 143 one - bedroom units of affordable housing for very low- income (household income at <br />or below 50% of the area median) seniors 62 -years and older. The City supported Eden Housing's <br />successful efforts to apply for and obtain a HUD Section 202 Elderly Housing Program Loan and <br />provided technical assistance during the pre - development and construction phases of the project, <br />but did not provide any City affordable housing funds to assist in constructing the project. <br />In April 2003, the Redevelopment Agency of the City of San Leandro (Agency) provided a <br />$163,883 grant in Redevelopment Housing Set -Aside funds to cover Eden Housing's shortfall in <br />its rehabilitation construction budget allocated to complete major repairs (i.e., replacement of <br />balconies and exterior emergency egress stairs; replacement of fire sprinklers as required by deck <br />work; rewiring of exterior light fixtures; and fence replacement) that the 20 -year building <br />