Title
Naturally Occurring Affordable Housing Rental Subsidy Request at the Pines on Wendover Apartments
Action
Action:
A. Approve a Naturally Occurring Affordable Housing Rental Subsidy Program reimbursement request to allocate funds over a 20-year period for six new long-term rental subsidies at the Pines on Wendover 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
- Wendover NOAH, LLC (Pines on Wendover 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).
* Wendover NOAH, LLC, an affiliate of Ascent Housing, (Owner) acquired the Pines on Wendover Apartments in September 2021 and will create new long-term rental subsidies for 30 percent Area Median Income (AMI) households (currently $25,250/family of four).
* Pines on Wendover Apartments is a 44-unit existing multi-family affordable housing development located at 630 North Wendover Road in Council District 1 comprised of:
* 13 units at or below 30 percent AMI,
* 22 units at or below 60 percent AMI, and
* Nine units at or below 80 percent AMI.
* Of the 13 total units set aside for 30 percent AMI households, the Owner has agreed to specifically set aside six units for 30 percent AMI households that do not have existing vouchers or other forms of rental assistance for 20 years.
* To create new, long-term rent subsidies for these six 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 co...
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