Title
Staff Report for a Resolution Approving First Amendment to HOME Investment Partnerships Program (HOME) Funds Loan Agreement, Promissory Note, Deed of Trust, and Regulatory Agreement and Authorizing Execution of First Amendment to Loan Agreement and Regulatory Agreement with Alameda Housing Associates, L.P. and Update on the Affordable Rental Housing Project (Cornerstone Apartments) Located at 1400 San Leandro Boulevard
Staffreport
SUMMARY AND RECOMMENDATIONS
In July 2012, the City approved a $650,000 federal HOME Investment Partnerships Program (HOME) funds loan to Alameda Housing Associates, L.P. to assist in the construction of the Cornerstone Apartments (Cornerstone), a 200-unit affordable rental housing project located at 1400 San Leandro Boulevard. These federal HOME funds supplement the $9.1 million former Redevelopment Agency of the City of San Leandro (RDA) Housing Set-Aside Funds loan funding the City approved in 2009 for the project. Due to changes to the project that caused it to become a multi-phased project that increases from 100 to 200 affordable rental units, the HOME Loan Agreement and related Regulatory Agreement, Promissory Note, and Deed of Trust, require modification. The City Council approved similar amendments to the Owner Participation and Loan Agreement for the $9.1 million in December 2013.
Staff recommends that the City Council approve the resolution authorizing the execution of the First Amendment to the HOME Loan Agreement for the Cornerstone Apartments project.
Staff recommends that the City Council permit BRIDGE Housing Corporation, the non-profit developer, to provide a brief project update on the Cornerstone Apartments project.
BACKGROUND
The primary purposes for modifying the existing 2012 HOME Loan Agreement are to update language in the original version and to reflect the current project scope. The key features for the 200-unit Cornerstone project are:
Phase 1
* 115 workforce/family rental ...
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