Title
Naturally Occurring Affordable Housing Rental Subsidy Request at Shamrock Gardens Apartments
Action
Action:
A. Approve a Naturally Occurring Affordable Housing (NOAH) Rental Subsidy Program reimbursement request to allocate funds over a 20-year period for 40 new long-term rental subsidies at Shamrock Gardens 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
- Shamrock NOAH, LLC (Shamrock Gardens 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).
* Shamrock NOAH, LLC, an affiliate of Ascent Housing, (Owner) proposes to acquire and renovate the Shamrock Gardens Apartments and will create new long-term rental subsidies for 30 percent Area Median Income (AMI) households (currently $25,250/family of four).
* Shamrock Gardens Apartments is a 265-unit existing multi-family affordable housing development located at 3779 Michigan Avenue in Council District 1 comprised of:
* 80 units at or below 30 percent AMI,
* 53 units at or below 50 percent AMI,
* 80 units at or below 60 percent AMI, and
* 52 units at or below 80 percent AMI.
* Of the 80 total units set aside for 30 percent AMI households, the Owner has agreed to specifically set aside 40 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 40 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 w...
Click here for full text