DATE: January 26, 2016
TO: Mayor and City Council
FROM: Library and Community Services Director
SUBJECT
Title
Authorization of Issuance of Multi-Family Housing Revenue Bonds (Acquisition and Rehabilitation of Four Eden Housing, Inc.-Owned Affordable Housing Developments) 2016 Series A and Execution of Related Documents
End
RECOMMENDATION
Recommendation
That the City Council:
a) Adopts the attached resolution authorizing the issuance of up to $30,000,000 in tax-exempt multifamily housing revenue bonds, to assist in the acquisition and rehabilitation of four Eden Housing, Inc.-owned affordable housing developments; and
b) Authorizes the City Manager to execute implementing documents in connection with the proposed bond issuance.
Body
BACKGROUND
On July 21, 2015, Council approved financing for the acquisition and rehabilitation of four Eden Housing Inc.-owned affordable housing developments in Hayward comprising a total of 118 units of multifamily rental housing affordable to low and very low-income households (the "Project"). The report associated with this approval may be found at the following link: https://www.hayward-ca.gov/CITY-GOVERNMENT/CITY-COUNCIL-MEETINGS/2015/CCA15PDF/cca072115full.pdf#page=445 (pages 444-468 of item #22). The full text of the report is also included as Attachment II to this report. Table A shows the names of the properties, their addresses, and the number of units in each of them:
Table A: The Properties Comprising the Project
Property Name
Location
Number of Units
742 Harris Ct. Apartments
742 Harris Court|1313|Harris Court Apartments
734, 735, 743, 750, and 751 Harris Court
20
Cypress Glen
25100 Cypress Avenue
54
Huntwood Commons
27901 Huntwood Avenue
40
Total:
118
Included in the City-approved financing are a series of loans (the "Loans") that the City and the former Redevelopment Agency (the "Former RDA") provided to Eden Housing Inc. ("Eden") to fund the properties ...
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