Title
Housing Trust Fund Support Request
Action
Action:
Approve a $1,050,000 Housing Trust Fund allocation to Wendover NOAH, LLC in partnership with Ascent Housing, LLC for the acquisition and rehabilitation of The Pines on Wendover Apartments.
Body
Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services
Miles Vaughn, Housing and Neighborhood Services
Explanation
* Wendover NOAH, LLC, an affiliate of Ascent Housing, LLC, is requesting a Housing Trust Fund (HTF) allocation of $1,050,000 for the acquisition and rehabiliation of The Pines on Wendover Apartments, a 44-unit multi-family complex located at 630 North Wendover Road in Council District 1.
* The Pines on Wendover Apartments meets the City's Naturally Occuring Affordable Housing (NOAH) criteria which include:
* The property's age is greater than 15 years;
* Rents are in the area median income (AMI) range that are at risk due to surrounding neighborhood dynamics;
* The property can be rehabilitated to help maintain a good quality of life for residents for the next 20 years or more;
* The property is located in an area with close proximity to quality jobs, schools, and transportation infrastructure; and
* The property is located in an area experiencing transformative change and property appreciation.
* The total development budget is $8,004,000, which amounts to a 1:7 leverage ratio of HTF financing. The investment also includes a 20-year deed restriction for the preservation of 44 units at the following AMI levels:
* 13 units at 30 percent AMI,
* 22 units at 51 percent to 60 percent AMI, and
* 9 units at 61 percent to 80 percent AMI.
* A third-party inspection has been performed on the property to determine the existing property conditions.
* The proposed rehabilitation will consist of the followng:
* Heating, ventilation, and air conditioning unit replacements;
* Water heater and dryer vent replacements;
* Flooring and cabinet replacements;
* Balcony, sidewalk, and drainage repairs;
* ...
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