Title
Resolution to Approve a Loan to Abode Communities for Land Acquisition and New Construction of a 72-Unit Affordable Housing Development 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) and Authorizing the City Manager to Execute All Related Documents
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 authorizing the City to approve a loan to Abode Communities for the land acquisition and new construction of a 72-unit affordable housing project located at 15101 Washington Avenue. The proposed total loan amount is not to exceed $7,000,000 and is sourced from: 1) Alameda County Measure A-1 ($5,015,000), 2) California Housing and Community Development Department Permanent Local Housing Allocation (PLHA) for the City of San Leandro ($349,960), and 3) City of San Leandro's Low-Mod Housing Asset Fund ($1,635,040). Abode intends to use City funding for acquisition and construction of the project.
The City Council committed and allocated the $7 million at its July 19, 2021 public meeting because Abode was exploring public financing options and needed to have a local match pledged. Tonight, City Council will review and approve the formal legal documents, including the loan agreement, for the previously approved $7 million allocation. Abode will continue to leverage local City funds with a variety of other public affordable housing financing resources, including the State/federal low income housing tax credit program (LIHTC).
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