Title
Staff Report for a Resolution of the City of San Leandro City Council to Approve the Commitment and Allocation of City Affordable Housing Funding Sources to Abode Communities for Acquisition and New Construction of a Proposed 72-Unit Affordable Housing Project at 15101 Washington Avenue in an Amount Not to Exceed $7,000,000 ($5,015,000 from Alameda County Measure A-1 Bond funding; $349,960 from California Housing and Community Development Permanent Local Housing Allocation; and $1,635,040 from the City Low-Mod Housing Asset Fund)
Staffreport
SUMMARY AND RECOMMENDATIONS
Abode Communities (Abode), an experienced nonprofit housing developer based in Los Angeles, proposes to develop a 72-unit affordable rental housing development (Washington Avenue Apartments) at 15101 Washington Avenue (Assessor's Parcel Number 080H-1515-008-02).
Staff recommends that the City Council approve the resolution committing and allocating City affordable housing funding sources to Abode for the development of a proposed 72-unit affordable housing project at 15101 Washington Avenue in an amount not to exceed $7,000,000 from a combination of available County A-1 Bond, State HCD Permanent Local Housing Allocation (PLHA) and City Low-Mod Asset Fund monies. Abode intends to use City funding for site acquisition and construction of the project.
As the City's Affordable Housing Funding Request for Proposal (RFP) awardee (see below), Abode is seeking the City Council's commitment of local affordable housing funding to leverage it with a variety of other public affordable housing financing resources, including the State/federal low income housing tax credit program (LIHTC). Abode requires the City's funding pledge now so it can begin preparing applications for available public financing beginning in September 2021. Formal legal documents such as the loan agreement, deed of trust and regulatory agreement for the City's Low-Mod Housing Asset Fund funding for this project, as well as fo...
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