Title
Naturally Occurring Affordable Housing Rental Subsidy Request at Maple Way Apartments
Action
Action:
A. Approve a Naturally Occurring Affordable Housing Rental Subsidy Program reimbursement request to allocate funds over a 20-year period for nine new long-term rental subsidies at Maple Way Apartments for households earning 30 percent and below the area median income, and
B. Authorize the City Manager to negotiate, execute, amend, and renew contracts as needed and consistent with the purpose for which the program was approved, with
- McAlway NOAH, LLC (Maple Way Apartments), and
- Socialserve.
Body
Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services
Explanation
* On November 8, 2021, City Council approved the guidelines for the Naturally Occurring Affordable Housing (NOAH) Rental Subsidy Program (Program Guidelines).
* McAlway NOAH, LLC, an affiliate of Ascent Housing, (Owner) acquired Maple Way Apartments in October 2021 and will create new long-term rental subsidies for 30 percent Area Median Income (AMI) households (currently $25,250/family of four).
* Maple Way Apartments is a 60-unit existing multi-family affordable housing development located at 1012 McAlway Road in Council District 5 comprised of:
* 18 units at or below 30 percent AMI,
* 12 units at or below 50 percent AMI,
* 18 units at or below 60 percent AMI, and
* 12 units at or below 80 percent AMI.
* Of the 18 total units set aside for 30 percent AMI households, the Owner has agreed to specifically set aside nine units for 30 percent AMI households who do not have existing vouchers or other forms of rental assistance for 20 years.
* To create new, long-term rent subsidies for these nine units, the city is being asked to commit to annual funding for the length of the property's 20-year deed restriction at an amount not to exceed the development's annual City property tax bill. The maximum amount of the reimbursement will be adjusted each year in correspondence with the a...
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