Oh look another opportunity for some of the “oh we don’t need market rate housing to subsidize affordable housing” crowd to understand the basics of how affordable housing units are actually funded these days.
So remember that $10 million being dangled by Jennifer Roloff as though that were sufficient in and of itself?
The City Council has an agenda item next week that discusses a loan for the Del Monte Senior Housing project. The project:
The Del Monte Senior Apartments, a 31-unit, 100% affordable, senior housing development. The unit mix includes thirty (30) one-bedroom apartments, and one (1) two-bedroom manager’s apartment. Property amenities include community garden space, a multi-purpose community room and central laundry facilities. The apartments will serve senior households with incomes up to 60% of the Area Median Income, with most households at or below 50% of median income.
The cost of the entire project? About $15 million.
The total development budget for Del Monte Senior Apartments is approximately $15 million. The Master Developer (Tim Lewis Communities) will contribute $3.6 million to AHA as a part of the overall development agreement. The AHA will lend the funds to the project for 55 years as a residual receipts loan. Additional funding includes conventional financing and equity raised through 9% Low Income Housing Tax Credits. Staff is requesting approval of a $248,740 HOME loan to complete the project funding.
Yes, it would consume the whole of the funds that have not yet been committed to Alameda because no one has actually voted on that housing bond yet. But yet we still have candidates and her supporters that still want to say “low income housing only but I don’t have a meaningful way of actually paying for these units.”
Seriously, discussions like this should be required watching for all City Council candidates. There will be a quiz afterward.