RESOLUTION NO. ____
Resolution Of The City Council Of The City Of Emeryville Authorizing The City Manager To Execute The First Amendment To The Regulatory Agreement Between The City Of Emeryville And Avalon Senior Housing, L.P, For Avalon Senior Apartments At 3850 San Pablo Avenue To Increase The Average Income Limits From 37% Of Area Median Income To 40% Of Area Median Income WHEREAS, the former Emeryville Redevelopment Agency (“Former Agency”) provided a $1,800,000 loan to East Bay Asian Local Development Corporation (“EBALDC”) for the development of Avalon Senior Apartments at 3580 San Pablo Avenue in 1998; and WHEREAS, on November 24, 1998, EBALDC executed a Regulatory Agreement with the City of Emeryville to restrict 66 units at Avalon Senior Apartments to senior households with incomes at or below 32%, 35% and 37% of Area Median Income (“AMI”), averaging no more than 35% AMI overall; and
WHEREAS, on May 1, 2001, the Regulatory Agreement was amended due to a rent calculation error, to increase the average income limit from 35% AMI to 37% AMI; and WHEREAS, EBALDC has submitted a request to refinance Avalon Senior Apartments to the California Tax Credit Allocation Committee (“CTCAC”) which requires the City of Emeryville to approve a request to increase the average income and rent limits from 37% AMI to 40% AMI to align with the existing CTCAC regulatory agreement, which restricts rent and income limits to an average of 40% AMI; and
WHEREAS, the City has determined that increasing the rent and income limits to an average of 40% AMI for future tenants will assist Avalon Senior Apartments in generating additional income to address future maintenance and capital needs, preserve an existing affordable housing asset that could be at financial risk, and protect the existing very lowincome senior tenants from a potential rent increase; and WHEREAS, the City and EBALDC have negotiated the terms and conditions for modifying the Regulatory Agreement, now, therefore be it RESOLVED, that the City Council of the City of Emeryville hereby authorizes the City Manager to execute the First Amendment to Regulatory Agreement in substantial form as attached hereto as Exhibit “A”, with such minor changes as may hereafter become necessary, provided such changes do not materially increase the obligations of the City thereunder.
Docusign Envelope ID: E7DFFED9-F46C-4199-93B1-03E274D0353D Resolution No. 24-___
Avalon Senior Apartments Affordable Housing Agreement
City Council Meeting | October 15, 2024
ADOPTED, by the City Council of the City of Emeryville at a regular meeting held Tuesday, October 15, 2024, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
MAYOR
ATTEST: APPROVED AS TO FORM:
CITY CLERK CITY ATTORNEY
Docusign Envelope ID: E7DFFED9-F46C-4199-93B1-03E274D0353D