Title
Staff Report for Approving the Amendment to the San Leandro FY 2011-2012 Consolidated Annual Action Plan
Staffreport
RECOMMENDATIONS
Staff recommends the City Council adopt the resolution approving the Amendment to FY 2011-2012 Consolidated Annual Action Plan to add Surf Apartments acquisition and rehabilitation under “Housing Activities” and allocate $35,000 in Community Development Block Grant (CDBG) funds for this new project.
BACKGROUND
On November 7, 2011, staff presented to the City Council the proposed amendment to the FY 2011-2012 Consolidated Annual Action Plan which is necessary prior to CDBG funds being committed to Eden Housing for the acquisition and rehabilitation of Surf Apartments. To date no public comments have been received by City staff during the 30-day public review period (November 17 - December 19).
The Amendment to the FY 2011-2012 Consolidated Annual Action Plan is described below:
Add Surf Apartments acquisition and rehabilitation under “Housing Activities” and allocate $35,000 in Community Development Block Grant (CDBG) funds for this new project (via the City’s unallocated CDBG funds that have been carried over from prior years).
Attached is the amended Table 1 in the FY 2011-2012 Action Plan. Below is a table summarizing how CDBG funds will be allocated to the acquisition and rehabilitation of Surf Apartments in FY 2011-2012.
Analysis
Preserving Surf Apartments is a high priority for the City under its Housing Element Update and Five-Year HUD Consolidated Plan. Thirty-five (35) of the units at Surf Apartments serve affordable households between 35% and 60% AMI, and the other eleven (11) units are market-rate units. Currently, the City has a regulatory agreement with Citizens Housing Corporation, the current owner of Surf Apartments, which imposes a 55-year affordability restriction on the property until 2058. Ownership of Surf Apartments will be transferred to Eden Housing from Citizens Housing by the end of 2011 wh...
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