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City of San Leandro <br />Meeting Date: July 19, 2021 <br />Staff Report <br />Agenda Section:File Number:21-444 ACTION ITEMS <br />Agenda Number:10.A. <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:Staff Report for a Resolution of the City of San Leandro City Council to Approve <br />the Commitment and Allocation of City Affordable Housing Funding Sources to <br />Abode Communities for Acquisition and New Construction of a Proposed <br />72-Unit Affordable Housing Project at 15101 Washington Avenue in an Amount <br />Not to Exceed $7,000,000 ($5,015,000 from Alameda County Measure A-1 <br />Bond funding; $349,960 from California Housing and Community Development <br />Permanent Local Housing Allocation; and $1,635,040 from the City Low-Mod <br />Housing Asset Fund) <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 committing and allocating City <br />affordable housing funding sources to Abode for the development of a proposed 72-unit <br />affordable housing project at 15101 Washington Avenue in an amount not to exceed $7,000,000 <br />from a combination of available County A-1 Bond, State HCD Permanent Local Housing <br />Allocation (PLHA) and City Low-Mod Asset Fund monies. Abode intends to use City funding for <br />site acquisition and construction of the project. <br />As the City’s Affordable Housing Funding Request for Proposal (RFP) awardee (see below), <br />Abode is seeking the City Council’s commitment of local affordable housing funding to leverage it <br />with a variety of other public affordable housing financing resources, including the State/federal <br />low income housing tax credit program (LIHTC). Abode requires the City’s funding pledge now so <br />it can begin preparing applications for available public financing beginning in September 2021. <br />Formal legal documents such as the loan agreement, deed of trust and regulatory agreement for <br />the City’s Low-Mod Housing Asset Fund funding for this project, as well as for the County A-1 <br />Page 1 City of San Leandro Printed on 7/15/2021 <br />866