Title
Staff Report for a Resolution Authorizing a Loan of $1,000,000 from the City of San Leandro to Alameda Senior Housing Associates, L.P., a California Limited Partnership (an Affiliate of BRIDGE Housing Corporation) to Assist in Financing the Construction of an Affordable Senior Rental Housing Project (San Leandro Senior Housing) Located at 525 West Juana Avenue
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the City Council adopt the resolution 1) approving a $1,000,000 Loan Agreement, Regulatory Agreement, Promissory Note, and Deed of Trust to assist with the construction of the San Leandro Senior Housing, also known as Phase II of the Marea Alta project; and 2) authorizing the City Manager to execute and deliver such other instruments and to take such other actions as necessary to carry out the intent of this resolution. Phase II represents the final phase of the 200-unit Marea Alta affordable mixed use development, which will provide 85 units of affordable senior rental housing in the City under the City's Housing Element, which was updated and adopted in early 2015.
BACKGROUND
In April 2009, the City Council approved a $9.1 million Redevelopment Agency Housing Set-Aside loan to BRIDGE Housing Corporation (BRIDGE) to assist in the construction of The Alameda, a 100-unit affordable rental housing project located at 1333 Martinez Street on the west side of the Downtown BART station. The Alameda was the affordable housing component of the San Leandro Crossings Master Plan (Plan), a transit oriented development near the San Leandro BART Station in Downtown San Leandro. Due to delays related to the State's elimination of redevelopment agencies in early 2012 and the California Department of Housing and Community Development (HCD) Transit Oriented Development Housing Program (TOD) grants, the City revised its Plan in April 2012. The revised Plan moved the affordable housing component, renamed Cornerstone at San Leandro Crossing...
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