Title
Adoption of Resolution Authorizing the City Manager to Execute a Public Housing Cooperation Agreement with the Housing Authority of the City of Alameda, for a Term of 36 Months and up to 24 Months of Extensions for a Total Potential Term of 60 Months, for Independence Plaza Operations at No Cost to the City of Alameda, and to Administratively Extend the Term of the Agreement as Needed; and to Allow the Housing Authority to Secure Replacement Funding for Operations. (Housing and Human Services 10021833)
Body
To: Honorable Mayor and Members of the City Council
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
The Housing Authority of the City of Alameda (AHA) requests that City Council approve a Public Housing Cooperation Agreement for the Independence Plaza site (Exhibit 1), so that Independence Plaza will meet U.S. Department of Housing and Urban Development (HUD) requirements for participation in its Faircloth to Rental Assistance Demonstration (RAD) program. Independence Plaza is an affordable housing complex with 186 units specifically for seniors, located at 703 Webster Street at Wilma Chan Way and Atlantic Avenue. The City of Alameda (City) Successor Agency to the Community Improvement Commission (SACIC) currently subsidizes Independence Plaza in the amount of $2,886,976 annually. This payment schedule expires on January 1, 2027 as set forth on the SACIC Recognized Obligation Payment Schedule (ROPS). After several years of working to identify a replacement funding source, AHA staff has identified the Faircloth to RAD program has a replacement funding source to ensure long term preservation and affordability.
BACKGROUND
HUD's Faircloth to RAD program is an innovative new means of obtaining additional affordable housing funds for Alameda, which ultimately will take the form of Section 8 project-based voucher (PBV) funding. Faircloth to RAD allows local housing authorities such as AHA, to add replacement Public Housing units to its inventory up to...
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