SR 05:080 - Laserfiche WebLink

oiects and activities (including some housing activiti that benefit low income Plcasanton residents. Thc City may also apply compelitively for, ~her polential funding sources, such as Low Income Housing Tax Cred/ts or State HELP (H)using Enabled by Local Partnerships) funds, which were recently utilized to establish a m w down paymcnt assistance program. However, these sources do not provide a significant, stal ,le, long-term source of funding. Evaluation ~t'Potential Projects and Activities The p.rojects listed in Table A address a wide range ~f the City's affordable housing needs, including different types (e.g., rental, senior, ownem, hit, special needs) and affordability levels (e.g., extremely low, very low, low, and moderate mc4 ,me). The demand on City funds from each project could vary significantly depending upon a: mmber of variables (density, number of units, level of affordability, availability of other funding sources, etc.). Several of the activities (e.g., redevelopment of Ko~ nger Place, development of affordable housing in Hacienda Business Park) are included in th~: list of priority projects adopted by the Housing Commission last April (see Attachment B). H, ~wever, the EAH project was not on the Commission's listing due to the state of the project it that time. Notwithstanding this, the Commission has expressed a strong interest in this prol~ .rty in the past and sees it potentially, as providing assistance with the Kottinger Place Redevelo] )ment project. As a result, it forwarded a letter to EAH, (Attachment C) indicating its interest [n the property and its intent to request staff involvement with the development at this time. Project Snmmary The subject property is a 2.76-acre vacant site located ~n Vineyard Avenue near Birch Creek. EAH is a non-profit housing corporation with office,, in San Rafael, Fresno, San Jose and Honolulu. As part of the development process, EAH as been working with a group of local residents exploring potential affordable housing uses ~or this site. The current concept calls development of up to 120 units of affordable senior hot ;ing rental housing. While affordability levels have not been established, the goal is to provi ie units at 50% and 60% of the Area Median Income (AMI). The project is not currently fl reded however; EAH expects to secure financing from a number of resources including the Ci y. Staff is not aware of any significant discount on land acquisition costs however; EAH indic~ tea the property owner is motivated and open to various options that can benefit the project. Del~ ,ading on the City's involvement, which is expected to be sign/ficant and most likely in excess o ~the level of funding provided to obtain affordability La other proj~x:ts, EAH has expressed a wil tininess to have the City own a portion of the project or the property. In addition to the potential for providing affordable sen .or rental units, this particular project is of interest to the Housing Cortmzlssion because the ~ teveloper has expressed an interest in working with the Kottinger Place Redevelopment Task Force towards identifying a short term solution to relocating KoaJnger Place residents should I~ te project be redeveloped. Recognizing SR:04:021 Page 4