|Lakeside Converts to ‘Workforce Housing’||| Print ||
|Thursday, 15 November 2012 14:38|
PHOTO BY AMY SYLVESTRI
The Standard Property Company will convert the 840 units of Lakeside Village Apartments into "workforce housing" over the next three years.
By Amy Sylvestri
San Leandro Times
Though the San Leandro Crossings project gets a lot of attention, a much larger affordable housing development is also happening in San Leandro — the Lakeside Village Apartments on Springlake Drive will be converted to “workforce housing” over the next three years.
The 840 units in the apartment complex are owned by the Standard Property Company, based in Los Angeles. The new ownership is changing over to workforce housing to take advantage of government grants.
They emphasize that “workforce housing is not the same as subsidized housing” and that residents are responsible for all of their rent; it is just that reduced rent is available via federal grants. The benefit is a rent that has been reduced by up to 20 percent for qualified residents — all applicants have to pass credit, criminal and background checks.
The maximum income limits are 60 percent of average income for the area. A single person qualifies with an annual income of $39,300. A couple with an income of $44,880, three people $50,530, and four people with $56,100, according to standards set by the California Tax Credit Allocation Committee.
Nancy Shennum Renteria, Standard’s spokeswoman, says the apartments need a makeover, as they were originally built in 1969. They are scheduled for a $20-million remodel, complete with metal and stucco finishes and afterwards will be available only as affordable housing.
Shennum Renteria says the difference between workforce housing and low-income housing programs like Section 8 is that there are strict limits on incomes and the rent is government subsidized through the housing manager, rather than given directly to individuals like with Section 8.
“It’s not low-income, it is affordable to people who work in the community, teachers, families…,” said Shennum Renteria. “It’s also being very strategically planed in stages; it’s not kicking anyone out.”
Shennum Renteria acknowledged that some tenants won’t qualify for the workforce standards, but said that because the conversion process is three years long and the leases are six-months or one-year, the tenants will have plenty of warning.
Renteria said that current residents are “strongly encouraged” to apply to see if they qualify for workforce housing, and many will.
The City of San Leandro is not involved in the project, but has been notified of it, said Tom Liao, the city’s planning and housing manager.