Title
Staff Report for a Resolution Authorizing Execution of the First Amendment to the Owner Participation and Loan Agreement (OPLA) and Regulatory Agreement with Alameda Housing Associates, L.P., Amending the OPLA for the Affordable Rental Housing Located at 1400 San Leandro Boulevard
Staffreport
SUMMARY AND RECOMMENDATIONS
In May 2013, the nonprofit developer BRIDGE Housing Corporation (BRIDGE) presented detailed development and architectural plans for 200 units of affordable rental housing at 1400 San Leandro Boulevard (currently named the Cornerstone at San Leandro Crossings or "Cornerstone"). The key change in the plans was to develop a multi-phased residential development: 115 units of family/workforce housing in Phase 1 and 85 units of affordable senior rental housing in Phase 2. Also, the City and BRIDGE have resolved outstanding issues with the State regarding Proposition 1C grant fund requirements and former Redevelopment Agency of the City of San Leandro (RDA) Housing Set-Aside Funds approved for BRIDGE. Consequently, the original Owner Participation and Loan Agreement (OPLA) from 2009 between the City, RDA and BRIDGE requires modification. However, there is no change to the $9.1 million loan, which the City approved for BRIDGE in the original 2009 OPLA.
Staff recommends that the City Council approve the resolution authorizing the execution of the First Amendment to the Owner Participation and Loan Agreement with Alameda Housing Associates, L.P., for the affordable rental housing located at 1400 San Leandro Boulevard.
BACKGROUND
The primary purposes for modifying the existing 2009 OPLA are to update outdated language in the original version and to have it reflect the current and final affordable rental housing development plans for the site. The key features for the 200 unit Cornerstone are:
Phase 1 (Estimated Total Development Cost: $60 million)
* 115 workforce/family rental units: 8 studios, 49 one-bedroom, 22 two-bedroom and ...
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