Title
ADOPT: Resolution Authorizing the City Manager to Execute a HOME Investment Partnerships Program (HOME) Loan Agreement with Alameda Housing Associates, L.P., for the Financing of the Construction of an Affordable Rental Housing Project Located at 1400 San Leandro Boulevard (authorizes the execution of a $650,000 HOME loan agreement for the Cornerstone at San Leandro Crossings)
Body
WHEREAS, the City of San Leandro (the “City”) seeks development of certain real property located in the City , identified as Alameda County Assessor’s Parcel No. 075-0039-007-05, and more particularly described in Exhibit A attached hereto (the “Property”);
WHEREAS, Alameda Housing Associates, L.P., a California limited partnership (“Developer”) owns or has the right to acquire the Property, and proposes to develop a 200-unit multifamily residential project (the “Project”) that will include apartments or townhouses that will be rented at affordable rents to very low-, low-, and moderate-income households as more particularly described in an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants to be recorded against the Property and the Project;
WHEREAS, pursuant to Resolution 2012-073 adopted by the City Council on June 18, 2012, the City, acting in its capacity as Successor Agency to the dissolved Redevelopment Agency of the City of San Leandro, approved an Amended and Restated Owner Participation and Loan Agreement with Developer for development of the Property, including provision of a loan to Developer in the maximum aggregate amount of Nine Million, One Hundred Thousand Dollars ($9,100,000) for predevelopment, construction and permanent financing of the Project;
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 USCA §12471, et seq.) that are subject to certain res...
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