Memo Regarding Resolution Amending Previous Authorization of a Portion of the City Base Allocation and Required Match Amount for Site A / Eden Affordable Senior Project and Affordable Family Project, November 7, 2018
On October 2, 2018, the City Council approved a Fifth Amendment to the Site A Disposition and Development Agreement (DDA) with Alameda Point Partners (APP), for a 68-acre area within Alameda Point. The Fifth Amendment modified the Affordable Housing Development Milestone Schedule to provide Eden Housing Inc. (Eden), the Qualified Affordable Housing Developer, an additional two years to secure funding for two affordable housing projects, a 60-unit senior project and a 70-unit family project.
The amended DDA also revised the sources of funding for the two projects, including a revision to the allocation of the City Base funds under the Alameda County Rental Housing Development Fund. The previous allocation of the $5 million in City Base funds was $3 million for the senior project and $2 million for the family project. The requested action would reallocate the funds as follows: $4.5 million for the senior project and $500,000 for the family project. The requested change is financially neutral for both housing projects and has no fiscal impact on the City.