Title
Naturally Occurring Affordable Housing Preservation and Rental Subsidy Support Request
Action
Action:
A. Approve an $8,000,000 Housing Trust Fund allocation to Woodlawn NOAH, LLC, an affiliate of Ascent Real Estate Capital, LLC, for the acquisition and rehabilitation of Charlotte Woods Apartments,
B. Approve an annual reimbursement to Housing Collaborative in an amount not to exceed the development's city tax bill for a Naturally Occurring Affordable Housing Rental Subsidy Program over a 20-year period for 40 new long-term rental subsidies at Charlotte Woods Apartments for households earning 30 percent and below the area median income, and
C. Authorize the City Manager to negotiate, execute, amend, and renew contracts as needed to complete these transactions.
Body
Staff Resource(s):
Shawn Heath, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
* Woodlawn NOAH, LLC, an affiliate of Ascent Real Estate Capital (Owner), proposes to acquire and renovate Charlotte Woods Apartments, including creating new long-term rental subsidies for 30 percent Area Median Income (AMI) households (currently total annual household income of $28,250 for a family of four).
* Charlotte Woods Apartments is a 266-unit existing multi-family naturally occurring affordable housing (NOAH) development on approximately 15.7 acres located at 1116 Scaleybark Road in Council District 1 (parcel identification number 149-17-106) (Property) and meets the city's 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 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 ...
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