Title
Shelton Knoll Apartments Naturally Occurring Affordable Housing Preservation and Rental Subsidy Support
Action
Action:
A. Approve a $1,100,000 Housing Trust Fund allocation to Arrowhawk NOAH, LLC, an affiliate of Ascent Housing, LLC, for the acquisition and rehabilitation of Shelton Knoll Apartments,
B. Approve an annual reimbursement to Housing Collaborative in an amount not to exceed the development's city tax bill for a Naturally Occurring Affordable Housing Rental Subsidy Program over a 20-year period for seven new long-term rental subsidies at Shelton Knoll Apartments 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.
* Arrowhawk NOAH, LLC, an affiliate of Ascent Housing, LLC (Developer), proposes to acquire and renovate Shelton Knoll 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).
* Shelton Knoll Apartments is a 45-unit existing garden style multi-family naturally occurring affordable housing (NOAH) development on approximately seven acres located at 516 Arrowhawk Drive in Council District 3 (parcel identification number 205-231-01) (Property) and meets the city's NOAH preservation criteria which include:
* Property's age is greater than 15 years;
* Rents are in the AMI range that are at ris...
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