"The whole ball of wax is getting an allocation from the state of
low-income housing tax credits," said William Witte, a partner in Related
Cos. "It is a twice-yearly competitive process and we should know if we
are successful by August."
Witte is confident enough that his company will get the needed funds
that he has already filed an application with the city and paid about
$10,000 in fees.
"The staff has reviewed the application and returned it with some
corrections and questions, which is standard," said Community Services
Director Pat Barry. "The environmental review is underway."
Information about the project's effect on the environment, which is
expected to be negligible, likely will be posted May 23.
Planning Commission meetings are scheduled for June 12 and 26. City
Council consideration of the project is set for July 9.
"That assumes there are no bumps in the road," Barry said.
Related Companies of California was chosen by the council from bids
submitted to the city for the affordable housing project.
The council in September 2001 approved a lease term of $1 per year for
55 years for the 30-unit project, with one parking space per unit.
The company submitted a bid only because partner Witte is a resident
"It is smaller than our company usually gets involved with," he said.
A building of possibly 15,800-square-feet could be built on the
21,090-square-foot lot, according to a staff report from December 2000.
It is across the street from the Glenneyre Street parking structure.
The city purchased the property for about $700,000, appropriated from
the Housing in Lieu Fund, much of it from the developers of Treasure
Developers pay into the fund in lieu of including affordable housing
in their projects.
If an affordable housing project were not built on the property, the
city would be obliged to restore the purchase price to the in-lieu fund.