Title
Staff Report for a City of San Leandro HOME Investment Partnerships Program (HOME) Funds Loan to Alameda Housing Associates, L.P. to Assist in the Construction of an Affordable Rental Housing Project (Cornerstone at San Leandro Crossings) Located at 1400 San Leandro Boulevard
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the City Council adopt the resolution 1) approving the HOME Loan Agreement for $650,000, Regulatory Agreement, Promissory Note, and Deed of Trust to assist with the construction of the Cornerstone at San Leandro Crossings; 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.
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 the associated delays relating to the State’s elimination of redevelopment agencies in early 2012 and the CA State Department of Housing and Community Development (HCD) Transit Oriented Development Housing Program (TOD) grants, however, the City revised its Plan in April 2012. The revised Plan moves the affordable housing component, renamed Cornerstone at San Leandro Crossings (Cornerstone), to 1400 San Leandro Boulevard and provides for the construction of 200 affordable rental units rather than the 100 affordable units under the former Alameda.
BRIDGE is requesting additional City funds for the Cornerstone’s 200-unit design which is larger than the original 100-unit design for the Alameda. BRIDGE currently has a $650,000 fin...
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