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City of Alameda Secures $6.2 million in Low-income Housing Tax Credits for Conversion of Islander Motel

The City of Alameda announced yesterday that it has secured a $6.2 million allocation of low-income housing tax credits to help convert the Islander Motel into a low-income housing site. Located two blocks from the corner of Park and Central, the converted hotel will serve one and two-individual households with incomes ranging from 20% to 50% of area median income.

Last November, the City of Alameda began the process to acquire the 69-unit motel; once converted, the building will host 62 units of permanent rental housing. An office building and and a community room building will be added to the site.

The City says that in addition to the federal tax credits, the project has earned $2.07 million in California Credits, $685,000 in HOME CHDO funds and $556,000 in HOPWA funds from Alameda county. The City is also counting on $9 million in redevelopment funds.

The non-profit Resources for Community Development will run the project, and work is slated to begin in late 2011.

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