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City of San Leandro <br />Meeting Date: January 8, 2018 <br />Staff Report <br />Agenda Section:File Number:17-727 BUSINESS ITEMS <br />Agenda Number:2.A. <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Cynthia Battenberg <br />Community Development Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for 1) A Resolution of the City Council of the City of San Leandro to <br />Approve a Loan and Approve a Portion of the City’s Measure A-1 Bond <br />Allocation, for a Total of Five Million Dollars ($5,000,000) to Eden Housing to <br />Support the Development of an Affordable Housing Project and Authorizing the <br />City Manager to Execute Related Documents; and 2) A Resolution of the City <br />Council of the City of San Leandro Authorizing the City Manager to Submit an <br />Application for the State Affordable Housing and Sustainable Communities <br />Program. <br />SUMMARY AND RECOMMENDATIONS <br />Eden Housing (Eden), a nonprofit housing developer, proposes to develop an attractive 62-unit <br />affordable rental housing development, Parrott Street Apartments, located at 1604 & 1642 San <br />Leandro Boulevard (Assessor’s Parcel Number 075-0028-001-02 and 075-0028-011-02). This <br />development would provide needed affordable rental housing for lower income households and <br />would serve as a well-designed transit-oriented development conveniently located across the <br />street from the San Leandro BART station. Eden would like to leverage the City’s local funding <br />assistance with a variety of other public affordable housing financing resources, including the <br />State/federal low income housing tax credit program (LIHTC) and the State Affordable Housing <br />and Sustainable Communities (AHSC) Program. The AHSC Program is a highly competitive <br />program and the application submittal deadline is January 16, 2018. The State requires local <br />funding commitments for applicants are approved prior to application submittal. <br />Staff recommends that the City Council adopt two resolutions: 1) Approve the provision of a City <br />loan and a portion of the City’s Measure A-1 (Alameda County) Bond Allocation for a total of $5 <br />million to Eden Housing to support the development of an affordable housing project and <br />authorize the City Manager to execute all related documents; and 2) Authorize the City Manager <br />to submit an application for the State Affordable Housing and Sustainable Communities (AHSC) <br />Program. <br />Page 1 City of San Leandro Printed on 1/2/2018 <br />6