2006-10-03 Joint 3-A Power Point39 -Unit Affordable Housing
Development
Power Point Presentation at the
10 -03 -06 Joint Council, CIC, HABOC
Meeting
Re: Agenda Item 3 -A
39 Affordable Rental Housing Units
Project History
■ Approved in Catellus Master Plan
• Included in Housing Element
• Included in 1999 MOU regarding
Standards of Reasonableness for
Homeless Users at Alameda Point
• Part of 101 Multi - family Affordable Units
planned for Catellus Site
• Guyton Exemption
■ Settlement Agreement and
Implementation Agreement with
Operation Dignity approved on
September 19, 2006
L OAST GUAM I
HQUSINiG,- ; h
fEk4STING )
39 Affordable Rental Housing Units
Land Use Approvals
• Development Plan and Design Review
and EIR addendum approved by
Planning Board on September 25, 2006:
• Mix of 1 -, 2 -, 3 -, and 4- bedroom
units
• Community room, classroom,
on -site property management
office
• Courtyard with play structure
• DTSC approval of Sub -Slab
Depressurization System (total
installation cost estimated at
$100,000.)
ACTIONS REQUESTED
Property Ownership
Conveyance by Quitclaim Deed of 2.51
Acres at the Former FISC Site to the
Housing Authority of the City of
Alameda:
City Charter allows Housing Authority to
replace 325 low- income, multi - family
housing units.
• Housing Authority must own the
39 -unit site.
• CIC must transfer ownership to
the Housing Authority.
• Housing Authority must accept
deed to 2.51 acre site.
(Housing Commission
recommended acceptance at
October 2, 2006 meeting)
ACTIONS REQUESTED
Site Control
Authorization for Chief Executive Officer
to Execute a 75 -Year Ground Lease
with Resources for Community
Development (RCD)
• RCD needs 75 -year Ground
Lease for MHP application to
demonstrate site control
• Similar to Ground Lease for The
Breakers at Bayport
ACTIONS REQUESTED
Owner Participation Agreement
Authorization of Chief Executive Officer/
Executive Director to Negotiate an
Owner Participation Agreement (OPA)
with Resources for Community
Development
OPA defines roles and responsibilities:
• Funding
• Entitlement processing
• Construction
• Marketing
• Long -term property management
Will be negotiated following MHP
funding approval in December 2006.
ACTIONS REQUESTED
Commitment of Housing Funds
Proposed Funding Sources
Federal Tax Credits
State M H P
Equity /Deferred Fees
Federal Home Loan
Gap
Total
$ 6 million
$ 3.5 million
$ 700,000
$ 195,000
$ 4 million
$ 14.4 million
ACTIONS REQUESTED
Commitment of Housing Funds
Authorization of Use of City Funds
• up to $1 41 million of City HOME funds
• $100,000 of AH U F
Total: $1.51 million
Authorization of Use of CIC Funding
Resolution.
• Up to $4 million
• Other project funding, including $1.51
million in City funds, will reduce CIC
obligation.
Next Steps:
• State Multifamily Housing Program Funding — October 10, 2006
• Tax Credit and other funding applications — Spring 2007
• Building Permits — Fall 2007
• Occupancy — Winter 2008