Title
Adoption of Resolution Authorizing Application to the County of Alameda for $1,663,654 of Measure A-1 Funds from the City Base Allocation; and Use of the $1,663,654 of Measure A-1 Funds for the Rebuilding the Existing Supporting Housing of Alameda Point Project (RESHAP). (Community Development 29061821)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
On November 8, 2016, Alameda County voters passed the Countywide Housing General Obligation Bond (Measure A1). The $580,000,000 bond program funds three homeownership programs and two rental housing development programs. Of the total housing bond, $425,000,000 is allocated to the Rental Housing Development Fund to assist in the creation and preservation of affordable rental housing for vulnerable populations. Of the total amount allocated to the Rental Housing Development fund, $225,000,000 is allocated as "Base City Allocation" funding for Alameda County jurisdictions based on a geographical allocation formula. The City of Alameda's (City) Base City Allocation is $10,400,000.
In June 2018, the City entered into a Disposition and Development Agreement (DDA), as amended, with MidPen Housing Corporation (MidPen) and Alameda Point Collaborative, Building Futures With Women and Children, and Operation Dignity (the Collaborating Partners, and together with MidPen, the Developer).
Due to recent changes in the financial marketplace, staff anticipates a funding shortfall for the Rebuilding the Existing Supporting Housing of Alameda Point (RESHAP) development located within the West Midway project. As a result, staff recommends the City Council approve application to Alameda County for $1,663,654 of Measure A-1 funds to assist in the financing of the RESHAP affordable housing project. This approach is akin to the City Council's $6,000,000 allocation to the Site A affordable housing project of the Base City Allocation to close a similar funding shortfall.
BACKGROUND
In June 2018, th...
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