Title
RESOLUTION Authorizing the City Manager to Execute a Loan Agreement for $1,000,000 with Alameda Senior Housing Associates, L.P., a California Limited Partnership (an Affiliate of BRIDGE Housing Corporation) for the Financing of the Construction of an Affordable Senior Rental Housing Project (Marea Alta Phase II) Located at 525 West Juana Avenue
Body
WHEREAS, Alameda Senior Housing Associate, L.P., a California limited partnership ("Developer") has a lease for certain real property located at 585 West Juana Avenue in the City of San Leandro, California, known as Alameda County Assessor's Parcel Number 075-0230-001-00 (the "Property"); and
WHEREAS, Developer intends to construct an eighty-five (85) unit senior residential development 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, Developer will restrict eight (8) one-bedroom units and five (5) two-bedroom units to extremely low-income households, and sixty-eight (68) one-bedroom units and three (3) two-bedroom units to very low-income households. The remaining one bedroom unit will be occupied by the on-site manager; and
WHEREAS, City is a participating jurisdiction in the Alameda County HOME Consortium and is a recipient of funds pursuant to the HOME Investment Partnership Act, established by the National Affordable Housing Act of 1990 (42 U.S.C. ? 12471 et seq., ("HOME Program") that are subject to certain restrictions established by the United States Department of Housing and Urban Development under 24 CFR 92; and
WHEREAS, Developer applied for and requested, and City agrees to provide, financing to assist in the development of the Project in order to make the Project economically feasible and affordable to extremely low- and very low-income senior households; and
WHEREAS, City desires to provide Developer wit...
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