03 - QRTLY HSG DIV PROJS-ACTIVITIES

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Quarterly Report for Housing Division Projects and Activities November 15, 2010 Page 5 Station District On June 7, 2010, after an extensive public outreach process which garnered a great deal of input on community needs and issues, the City Council/Redevelopment Agency approved several monumental actions to facilitate the development of an affordable housing project, located in the 94-acre Station District, that will enhance the Lacy neighborhood and support the transit vision for the area. The project is situated along a corridor that is a key connection from the I-5 freeway into the Downtown and will also serve as a major transportation link for the planned Go Local f=ixed Guideway System. Related CalifornialGriffin Realty Corporation, the master developer selected last year after awide-reaching Request for Proposals process, helped spearhead the outreach efforts with support from the City. The project calls for the construction of approximately 112 rental units and 32 for safe units on a total of approximately 6 acres of land. The City is also looking to provide a community center and park/open space in conjunction with the developer project. Of the 112 rental units, all but two (manager units) will be available to persons at or below 50% of the adjusted median income (AMI); and of those, 20% of the units will be offered to residents at 30% AMI. This amount of affordability exceeds that required by State law, as well as the requirements imposed for state tax credit financing. The term of affordability will be for 55 years. Additionally, six of the for-sale units will be offered at 120% AMI. The estimated market price fora 3 bedroom home in the Lacy Neighborhood today is approximately $290,000. The 26 market rate homes will be sold between $250,000 and $300,000. The affordable homebuyers {120% AMI) will be provided a $30,000 silent second loan, thus reducing the sales price to the range of $220,000 and $270,000. The first component of the developer project would be 74 podium apartment units to be rented to extremely-low and very-low income households. The 74 unit project was submitted for State tax credit financing in July 2010; however, the application had to be rescinded due to a lawsuit being filed on the Environmental Impact Report for the project and larger Transit Zoning Code area. It is hoped that the developer will be able to resubmit for tax credits in March 2011. If successful in securing the credits, construction will commence in October 2011 and take approximately 18 months to complete. The for-sale project is slated to commence construction in mid-2011 and be completed within 18 months.