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File #: LB 16-053   
Section: Legislative Business Status: Agenda Ready
Meeting Body: City Council
Agenda Date: 5/17/2016 Final action:
Subject: Authorization of Issuance of Multi-Family Housing Revenue Bonds (Acquisition and Rehabilitation of Glen Berry and Glen Eden Affordable Housing Developments) 2016 Series A and Execution of Related Documents
Attachments: 1. Attachment I Resolution
Related files: PH 15-091
DATE: May 17, 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 Glen Berry and Glen Eden 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 $15,000,000 in tax-exempt multifamily housing revenue bonds, to assist a new ownership entity controlled by Eden Housing, Inc. in the acquisition and rehabilitation of Glen Berry and Glen Eden, both currently owned by Eden Housing, Inc. or its Affiliates-and operated as affordable housing developments; and
b) Authorizes the City Manager to execute implementing documents in connection with the proposed bond issuance.

Body
BACKGROUND

On October 27, 2015, Council approved financing for the acquisition and rehabilitation of two Eden Housing Inc.-owned affordable housing developments in Hayward comprising a total of eighty six units of multifamily rental housing affordable to low and very low-income families (the "Project"). The report associated with this approval may be found at the following link: CITY OF HAYWARD - File #: PH 15-091. Table A shows the names of the two 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
Glen Berry
625 Berry Avenue
50
Glen Eden
561 A Street
36

Total:
86

Included in the City-approved financing are a series of loans (the "City Loans") that the City provided to Eden Housing Inc. ("Eden") to fund the properties at different stages of development. To facilitate the rehabilitation of the Project, the City Loans will be restructured. The criteria utilized by staff for restructuring the City Loans were described in detail at the October 2...

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