Title
Sharon Pointe Apartments Naturally Occurring Affordable Housing Preservation and Rental Subsidy Support
Action
Action:
A. Approve a $5,100,000 Housing Trust Fund allocation to Sharon Pointe NOAH, LLC, an affiliate of Ascent Housing, LLC, for the acquisition and rehabilitation of Sharon Pointe Apartments,
B. Approve a Naturally Occurring Affordable Housing Rental Subsidy Program contract with Housing Collaborative for an annual reimbursement over a 20-year period in an amount not to exceed Sharon Pointe Apartments' annual city property tax bill for 28 new long-term rental subsidies for households earning 30 percent and below the area median income, and
C. Authorize the City Manager, or his designee, to negotiate, execute, amend, and renew contracts as needed to complete these transactions.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
* In May 2023, the city issued a rolling NOAH Acquisition, Rehabilitation and Subsidy Request for Proposal (NOAH RFP), which serves to provide opportunities to NOAH developers/owners to be responsive to quickly changing market conditions and allows the city to evaluate proposals on a rolling basis as market opportunities arise.
* Sharon Pointe NOAH, LLC, an affiliate of Ascent Housing, LLC (Developer), proposes to acquire and rehabilitate Sharon Pointe Apartments, including creating new long-term rental subsidies for 30 percent Area Median Income (AMI) households (currently $31,800 total annual household income for a family of four).
* Sharon Pointe Apartments is a 190-unit existing multi-family naturally occurring affordable housing (NOAH) development on approximately 11.2 acres located near the intersection of Sharon Amity Road and Milton Road, at 5626 Sharon Pointe Road, in Council District 5 (parcel identification number 099-231-05) (Property) and meets the city's NOAH preservation criteria which include:
* Property's age is...
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