Title
RESOLUTION Authorizing an Allocation in an Amount Not to Exceed $1,700,000 from the City of San Leandro's Share of Alameda County Measure A1 Housing Bond Funds to San Leandro Senior Associates, L.P., a California Limited Partnership (an Affiliate of BRIDGE Housing Corporation) to Provide Emergency Gap Financing for the Construction of San Leandro Senior Apartments, an Affordable Senior Rental Housing Project (Marea Alta Phase II)
Body
WHEREAS, San Leandro Senior Associates, L.P., a California limited partnership ("Developer") and BRIDGE Housing Corporation affiliate (BRIDGE), has a lease for certain real property located at 528 West Juana Avenue in the City of San Leandro, California, Alameda County Assessor's Parcel Number 075-0230-001-00 (the "Property"); and
WHEREAS, Developer intends to construct San Leandro Senior Apartments - eighty-five (85) affordable senior residential units on the Property, consisting of seventy-seven (77) one-bedroom, one-bath units and eight (8) two-bedroom, one bath units (the "Project"); and
WHEREAS, the San Leandro City Council approved $1,000,000 in funding to the Developer on June 6, 2016 (Resolution 2016-74) consisting of a loan in the amount of Two Hundred Fifty-Six Thousand Seven Hundred Sixty-One Dollars ($256,761) from federal HOME Program funds and a separate loan of Seven Hundred Forty-Three Thousand Two Hundred Thirty-Nine Dollars ($743,239) from repayments of former Redevelopment Housing Set-Aside loan funds held by the City in its capacity as Housing Successor to the Redevelopment Agency to assist with the construction and development of the Project ("HOME Loan"); and
WHEREAS, late last year the California Tax Credit Allocation Committee awarded the Developer highly competitive low income housing tax credits (LIHTC), which represented the final major funding component to make the Project financially feasible to develop; and
WHEREAS, recent statements and efforts fr...
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