DATE: October 2, 2018
TO: Mayor and City Council
FROM: City Manager
SUBJECT
Title
Appropriation and Allocation of $28.6 Million of the City of Hayward's Affordable Housing Funds and Measure A1 Base Allocation to Support the Development of 259 Units of Affordable Housing.
End
RECOMMENDATION
Recommendation
That the City Council:
1. Adopts a Resolution Authorizing the Finance Department to Amend the FY19 Housing Division Budget by Appropriating Four Million Nine Hundred Thousand Dollars ($4,900,000) from Fund Balance in the Inclusionary Housing Trust Fund to Fund Affordable Housing Development Loans. (Attachment II); and
2. Adopts a Resolution Authorizing the Finance Department to Amend the FY19 Housing Division Budget by Appropriating One Hundred Fifty-Five Thousand One Hundred Twenty-Four Dollars ($155,124) to the HOME Fund consistent with the 2018 Subrecipient Agreement with the County of Alameda. (Attachment III); and
3. Adopts a Resolution Authorizing the City Manager to Negotiate and Execute Loan Documents between the City of Hayward and EAH, Inc., in an Amount not to Exceed Two Million Dollars ($2,000,000), for Matsya Family Villas located at 22648 2nd Street to Build Approximately Fifty-Seven Units of Affordable Housing (Attachment IV).
4. Adopts a Resolution Authorizing the City Manager to Negotiate and Execute Loan Documents Between the City of Hayward and EAH, Inc., in an Amount not to Exceed Two Million Five Hundred Thousand Dollars ($2,500,000), for Mission Senior Paradise located at 28000 Mission Boulevard Street to Build Approximately Seventy-Six Units of Affordable Housing (Attachment V)
5. Adopts a Resolution Authorizing the City Manager to: 1) Negotiate and Execute Loan Documents Between the City Of Hayward and Allied Housing, Inc., in an Amount Not to Exceed One Million Six Hundred Ten Thousand Dollars ($1,610,000); and 2) Commit up to Eighteen Million Three Hundred Thousand Dollars...
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