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to be committed to an affordable housing project by December 31, 2020. Uncommitted <br />funds will be rolled back to the County HCD's Regional Pool. <br />Base City Allocation: <br />Less: County HCD Administration Cost (including bond issuance) <br />54 -unit Kottinger Gardens Phase 2 development <br />Remaining balance <br />$13,720,684 <br />( 1,372,068) <br />( 4,600,000) <br />$ 7,748,616 <br />SAHA seeks up to $7,195,844 million for its Sunflower Hill project. Allocating these <br />funds to the project will leave the City with a remaining balance of $552,772 it can <br />allocate to another affordable rental housing project. <br />Prior to the January 2nd, 2018 submittal deadline, the City and SAHA submitted the <br />County HCD-required online application for Sunflower Hill to formally request the <br />Measure Al funds. County HCD staff is reviewing the Sunflower Hill application and <br />anticipates recommending the project for funding at the February 27, 2018 Alameda <br />County Board of Supervisors meeting. <br />Housing Commission <br />Sunflower Hill was presented to the Housing Commission at a Special Meeting on <br />January 25, 2018 to discuss the development and financing of the project. The Housing <br />Commission unanimously supported staff's recommendation to financially support the <br />Sunflower Hill project by approving the $2,250,000 LIHF loan and the allocation of the <br />$7,195,844 Measure Al funding to assist in the financing the construction of Sunflower <br />Hill. <br />Staff now recommends that the City Council authorize execution of the agreements <br />attached to the Resolution, with the final forms to be subsequently approved by the City <br />Manager and City Attorney, and authorize the City Manager to take all steps and <br />execute all of the necessary documents necessary to carry out the transactions. Staff <br />also recommends that allocation of up to $7,195,844 of the City's share of the Measure <br />Al funding to the Sunflower Hill project. <br />Submit ed by: <br />4S// <br />Brian Dolan <br />Assistant City Manager <br />Fiscal Review: <br />Tina Olson <br />Director of Finance <br />Ne son Fialho <br />City Manager <br />Attachments: <br />1) Resolution approving a $2,250,000 loan for Sunflower Hill and authorizing City <br />Manager to execute all related documents and allocating up to $7,195,844 of the <br />City's share of Alameda County Measure Al Housing Bond funds to the <br />Sunflower Hill development. <br />Page 5 of 6 <br />