Title
The Reserve at Waterford Lake Naturally Occurring Affordable Housing Preservation and Rental Subsidy Support
Action
Action:
A. Approve a $3,250,000 Housing Trust Fund allocation to Waterford NOAH, LLC, and affiliate of Ascent Housing, LLC, for the acquisition and rehabilitation of The Reserve at Waterford Lake,
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 The Reserve at Waterford Lake's annual city property tax bill for 21 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, City Manager's Office
Raquishela Stewart, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
* In 2024, 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.
* Waterford NOAH, LLC, an affiliate of Ascent Housing, LLC (Developer), proposes to acquire and rehabilitate The Reserve at Waterford Lake apartments, including creating new long-term rental subsidies for 30 percent Area Median Income (AMI) households (currently $33,650 total annual household income for a family of four).
* The Reserve at Waterford Lake is a 140-unit existing multi-family naturally occurring affordable housing (NOAH) development originally developed in 1997, on approximately 8.1 acres located near the intersection of Sharon Road and South Boulevard, at 8725 Kody Marie Court, in Council District 6 (parcel identification number 173-233-01) ...
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