Posted on 11/15/2008 4:41:26 PM PST by CE2949BB
SAN LEANDRO — City redevelopment funds could be used to subsidize nearly one-fourth of the $41 million cost of building 100 "affordable" rental apartments in the proposed San Leandro Crossings complex.
That's the request from BRIDGE Housing Corp. of San Francisco, a nonprofit developer of affordable housing that would launch the first phase of 300 apartments, parking and retail complexes on 7.5 acres around the downtown BART station on San Leandro Boulevard.
The city and school district now are reviewing BRIDGE's plans for San Leandro Crossings West, a five-story complex of one-, two- and three-bedroom units.
The project is the first of San Leandro's proposed transit-oriented developments.
This type of multiuse complex is designed to get more people using public transit instead of cars, and to allow more people to work or shop at places that are within walking distance of their homes.
A City Council subcommittee met Thursday to review BRIDGE's request for $9.3 million from city redevelopment funds for its estimated $41 million complex, city Housing Manager Tom Liao said.
Discussions and negotiations just have started, Liao explained.
Redevelopment enables cities and counties to use property tax revenue to finance improvements in blighted or unimproved areas. State law also requires jurisdictions to earmark at least 20 percent of their redevelopment money for affordable housing.
At 2008 prices, monthly rents for the low- and very low-income apartments would range from $565 to $1,119, including utilities.
The units, for which construction could begin in 2010, would be geared to households with annual incomes between $22,600 and $45,600 — again, at 2008 earning levels.
A subsequent phase of 200 luxury studio, one- and two-bedroom rental units, called San Leandro Crossings East, would be built by Westlake Development Co. of San Mateo.
Monthly rentals for these market-rate apartments, again in 2008 dollars, would range between $1,300 and $2,100. The units would be designed for future, potential conversion into condominiums.
Another 300 to 400 units could be built in future years.
Last summer, the city, BRIDGE and Westlake applied for — and were awarded — a $24.4 million grant from state Proposition 1C for project improvements.
The money will be used for the BRIDGE garage, a BART replacement garage, parks, utility upgrades, and streets, sidewalks, landscaping, and lighting in and around the entire San Leandro Crossings project.
The state grant requires that the 300 affordable- and market-rate apartments be built during the next five years.
What sort of madness is this?
Just what California needs. Another taxpayer financed barrio.
Inflation, but this is California, as well. $400,000 each for low income apartments.
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