Foster’s Landing Apartments is Located at 700 Bounty Drive in Foster City.
Foster City is asking for proposals from tenant relocation assistance providers to help renters in 74 units facing displacement.
The renters, who live in the below-market-rate Foster’s Landing apartment complex, will soon have to pay market rate rents because the 1986 affordable housing agreement between property owner Essex Property Trust and the city is expiring. For some residents, that means a rent hike from as little as $500 per month to about $3,200 per month.
The affordable housing program will expire in phases starting at the end of the year when rents for 50 units rise to market rate. The same will happen for four additional units by the end of 2021, an additional 10 units by the end of 2022 and the final 10 units by the end of 2023.
Many Foster’s Landing residents are elderly, suffer from disabilities or do not have access to technology and affordable housing resources, according to a staff report. The complex is also home to single-parent households that do not have time to search, inspect and apply for new homes, the report states.
The relocation assistance provider would assist the tenants in finding housing based on their specific needs and financial circumstances, including completing and submitting rental and waitlist applications, unit inspections, resource coordination and transportation coordination, according to the report.
“The benefit of utilizing a Tenant Relocation Assistance Service Provider is to assist Foster’s Landing tenants to relocate to replacement housing affordable to each household,” the report states. The RFP was released last week and proposals are due within one month.
Staff expects the services to cost roughly $250,000 though Essex has agreed to cover half of the cost, bringing the city’s total to $125,000. The money will be allocated from affordable housing funds.
The RFP asks applicants to include a proposed structure including a base fee component and a performance fee component tied to successful placement of tenants into substitute affordable housing.
“We wanted to make sure the money is being spent prudently. It’s not like we’re just checking a box,” said Councilman Sam Hindi at a meeting July 20. “We want to make sure the tenants at Foster’s Landing are really being helped by finding someone who can assist them to relocate.”
The council unanimously agreed to issue the RFP, though Councilwoman Richa Awasthi said a former councilmember has raised valid concerns about the effort.
“They raised valid points about using taxpayer money for a limited set of residents,” Awasthi said. “I think those are very valid great points.”
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(1) comment
I think it is obscene to do this in the middle of a pandemic, especially to elderly or disabled people. Once again, greedy developers rule the Bay Area. Can't Foster City delay this until the pandemic is over?
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