Title
Naturally Occurring Affordable Housing Preservation Support Request
Action
Action:
A. Approve a $1,000,000 Housing Opportunities for Persons with Aids (HOPWA) allocation to Pineville NOAH, LLC, an affiliate of Ascent Real Estate Capital, LLC, for the rehabilitation of Ascent Pineville Apartments, and
B. Authorize the City Manager to negotiate, execute, amend, extend, and renew contracts as needed to complete this transaction.
Body
Staff Resource(s):
Rebecca Hefner, Housing & Neighborhood Services
Warren Wooten, Housing & Neighborhood Services
Explanation
* Pineville NOAH, LLC, an affiliate of Ascent Real Estate Capital, LLC (Owner), recently acquired Ascent Pineville Apartments, a 240-unit existing multi-family naturally occurring affordable housing (NOAH) development located at 8401 Habersham Pointe Circle (parcel identification number 221-191-13) in the Town of Pineville. The total project cost including acquisition is $40,650,000.
* The Owner requests $1,000,000 of city support to undertake rehabilitation of the property, preserve affordability, and provide supportive housing including:
* Affordability:
* 20-year deed restriction
* 72 units at 30 percent Area Median Income (AMI)
* 120 units at 31 to 60 percent AMI
* 48 units at 61 to 80 percent AMI
* Supportive Housing:
* Provide a minimum of 20 units to support households living with HIV/AIDS
* Rehabilitation:
* The Owner's total rehabilitation budget is $1,500,000 and includes:
* Roof replacement
* HVAC replacement and interior plumbing upgrades
* Siding replacement and repair
* A third-party inspection has been performed on the property to determine the existing property conditions and needs assessment.
* The request meets the city's NOAH preservation guidelines including:
* The property's age is greater than 15 years;
* Rents are in the AMI range that are at risk due to surrounding neighborhood dynamics;
* The property can be rehabilitated to maintain a good quality of life for residents for th...
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