Title
Recommendation to Consent to an Assignment and Assumption of Affordable Housing Agreement at Independence Plaza (703 Atlantic Avenue) to Alameda Affordable Housing Corporation and Authorize the City Manager to Negotiate and Execute all Necessary Documents. (Community Development 266)
Body
To: Honorable Chair and Members of the Successor Agency of the Community Improvement Commission
EXECUTIVE SUMMARY
The Housing Authority executed an Affordable Housing Agreement with the Community Improvement Commission for the property known as Independence Plaza and located at 703 Atlantic Avenue. The Housing Authority is seeking consent to transfer the property to its wholly controlled, title-holding, nonprofit affiliate, known as the Alameda Affordable Housing Corporation, to comply with federal contracting guidance.
BACKGROUND
In 1989, the Community Improvement Commission (CIC) and the Housing Authority of the City of Alameda (AHA) executed an Affordable Housing Agreement (Agreement), which regulates the 186-unit Independence Plaza development located at 703 Atlantic Avenue as affordable senior housing and provides a CIC-funded operating subsidy. This Agreement was amended twice for time extensions, in 2004 and 2010, and ensures that affordability for very low-, low-, and moderate-income seniors is preserved until 2026. The amended Agreement is attached as Exhibit 1. Section 8 of the Agreement permits AHA to transfer all or part of its rights and interests as owner with consent of the CIC. This approval authority is now vested with the Successor Agency of the CIC.
The Housing Authority is the contract administrator for the Section 8 program in the City of Alameda (City), which includes Housing Assistant Payment (HAP) contracts for both the Housing Choice Voucher (HCV) and Project Based Voucher (PBV) programs. Additionally, AHA owns real property which is supported by the HCV and PBV programs.
In 2017, the U.S. Department of Housing and Urban Development (...
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