RES 96088 - Laserfiche WebLink

The magnitude of difference in preservation versus production cost estimates is generally considered by professional real estate developers in the area to be approximately 15 percent less depending upon age, physical condition, and neighborhood land values. Assuming a five-percent-per-year inflation rate and replacement in the year 2000 (end of the first State-mandated five-year interval), the total preservation cost of the 413 assisted units would be approximately $45,900,000. 3. Public and Private Non-Profit Organizations Capable of Acquiring and Managing At-Risk Proiects. Public agencies and private non-profit organizations which have legal and managerial capacity to acquire and manage assisted-housing developments in Pleasanton, and which have either participated or expressed interest in doing so, include: Eden Housing, Inc., Bridge Housing Corporation, Bay Area Community Services, HOUSE, Inc., and a Pleasanton religious consortium. The City does not have a redevelopment agency. Eden Housing, Inc. is a non-profit development corporation formed in 1968. It has sponsored a variety of rental, owner, cooperative, and "sweat equity" housing projects through the use of Federal, State, local, and private funds. Eden participated with the City in a joint venture to develop Ridge View Commons, a rental housing project which provides 200 units for low-income seniors over 62 years of age. Bridge Housing Corporation is a non-profit organization formed in 1983. It has participated in the development of thousands of housing units. Although Bridge has not developed any housing in Pleasanton to date, it has expressed a strong interest in working with the City in the development of an affordable housing project to be located near the Pleasanton Senior Center which is now in the planning stage. Bay Area Community Services is a non-profit organization which provides, among other things, affordable housing for the mentally disabled in Alameda County. It has purchased the six-unit complex located at 4344 Railroad Avenue for the purpose of offering independent living to adults with mental disabilities. Funding for this project consisted of a $100,000 grant from the City, as well as a variety of County and State assistance programs for disabled persons. HOUSE, Inc., is a non-profit housing development corporation that develops and maintains affordable housing for very-low-income individuals with developmental disabilities. It recently received a total of $140,000 from the City to acquire and rehabilitate two residential care facilities in Pleasanton. The Pleasanton religious consortium is a non-profit group of local churches consisting of the Presbyterian Community Church, Lynnwood Methodist Church, St. Augustine's Catholic Church, and the First Baptist Church of Pleasanton working in conjunction with the U.S. Department of Housing and Urban Development. It currently owns the Pleasanton Gardens project which contains 39 units for low-income seniors. 18