Title
Adoption of Resolution Authorizing the Use of $1.67 Million of the Base City Allocation (Alameda County Measure A1 Housing Bond Funds) to Support the Rosefield Redevelopment Project, as Required for Application to Alameda County Rental Housing Development Fund (700 Block of Eagle and Buena Vista Avenues). (Housing)
Body
To: Honorable Mayor and Members of the City Council
From: Elizabeth D. Warmerdam, Acting City Manager
Re: Adoption of Resolution Authorizing the Use of $1.67 Million of the Base City Allocation (Alameda County Measure A1 Housing Bond Funds) to Support the Rosefield Redevelopment Project, as Required for Application to Alameda County Rental Housing Development Fund (700 Block of Eagle and Buena Vista Avenues)
BACKGROUND
In 2016, Alameda County voters passed the Countywide Housing Bond (Measure A1 Housing Bond). Of the total Measure A1 Housing Bond, $425 million is allocated to the Rental Housing Development Fund. Of the total amount allocated to the Rental Housing Development fund, $225 million is allocated as "Base City Allocation" funding to Alameda County jurisdictions based on a geographical allocation formula. The City of Alameda's Base Allocation is $10.4 million. Of this amount, the County will retain 10% for administration of the bond program, leaving $9.4 million to be allocated to affordable housing projects.
On March 7, 2017, the City Council approved a pre-commitment of $6 million of its Base Allocation; $1 million to support 20 units being developed at 2437 Eagle Avenue and $5 million to support the two projects at Alameda Point Site A. As of March 2018, the balance of Alameda's Base Allocation available for other projects is $3.34 million
In December 2015 Housing Authority (AHA) staff presented to the City Council a Five-Year Pipeline Report for affordable housing that identified 16 active or proposed affordable housing developments, including both rental and for-sale projects. Of the listed projects, six have been com...
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