Title
Affordable Housing Development Support Requests
Action
Action:
A. Approve $9,200,000 in additional Housing Trust Fund allocations and $6,600,000 in American Rescue Plan funds for the following multi-family rental affordable housing developments:
* Fairhaven Glen, $1,150,000 (Council District 3),
* Ovata at Reedy Creek, $2,000,000 (Council District 4),
* Galloway Crossing, $1,000,000 (Council District 5),
* Bishop Madison Homes, $250,000 (Council District 2),
* Grounds for Change, $4,500,000 (Council District 1),
* Ballantyne Seniors, $1,400,000 (Council District 7), and
* Evoke Living at Morris Field, $5,500,000 (Council District 3),
B. Approve an additional allocation of $4,705,245 for the South Village Apartments multi-family rental affordable housing development, (Council District 3), from American Rescue Plan funds, and
C. Authorize the City Manager to execute, amend, and renew contracts as needed to complete the transactions approved by this action.
Body
Staff Resource(s):
Shawn Heath, Housing & Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Staff Resource(s):
Shawn Heath, Housing & Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
* The Action A above is consistent with the funding option #3 provided to Council at the November 14, 2022 Business meeting with the exception that instead of reallocating the $3 million from the original award to the South Village Apartments project, the $3 million would be allocated from American Rescue Plan funds (ARPA) for a total of $6.6 million in ARPA funding.
* Action B is provided as an option based on Council's discussions to consider requested gap funding for the South Village Apartments project.
* This request uses existing Housing Trust Funds and ARPA funding.
* These actions consider funding for all requests presented at the November 14, 2022 Action Review with the exception of the $1,937,873 for the Easter's Home multi-family rental affordable...
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