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Quarterly Report for Housing Division <br />Projects and Activities <br />March 7, 2011 <br />Page 8 <br />The first component of the developer project would be 74 podium apartment units to be rented to <br />extremely-low and very-low income households. The 74 unit project was submitted for State tax <br />credit financing in July 2010; however, the application had to be rescinded due to a lawsuit being <br />filed on the EIR for the project and larger Transit Zoning Code area. It is hoped that the developer <br />will be able to resubmit for tax credits in March 2011. If successful in securing the credits, <br />construction will commence in October 2011 and take approximately 18 months to complete. The <br />for-sale project is slated to commence construction in mid 2011 and be completed within 18 <br />months. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Nancy T. E ards <br />Interim Executive Director <br />Community Development Agency <br />NTE/SLB/MA/mlr <br />19D-8