City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 4, 2024
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER
FROM: HELEN MCILVAINE, DIRECTOR, OFFICE OF HOUSING
DOCKET TITLE:
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Consideration of a Resolution Authorizing the Issuance of Revenue Bonds by the Alexandria Redevelopment and Housing Authority (ARHA) for the Heritage at Old Town Redevelopment Project [ROLL-CALL VOTE]
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ISSUE: Consideration of a resolution authorizing the issuance of revenue bonds by the Alexandria Redevelopment and Housing Authority (ARHA) in an amount not to exceed $37,950,000 to Jair Lynch Real Estate Partners (JLRP) and other entities which is partnering to finance and undertake the acquisition and redevelopment of some phases of the rental housing known as the Heritage at Old Town, totaling 244 units and located at 431 S. Columbus Street.
RECOMMENDATION: That City Council receive and adopt the attached Resolution (Attachment 1) as recommended by ARHA.
BACKGROUND: ARHA recently re-established its revenue bond issuance function and published the attached term sheet regarding its Conduit Issuer Program which expands access to tax exempt and taxable bonds to qualified developers seeking financing to acquire, rehabilitate and/or develop eligible multifamily projects (Attachment 2). Among other things, the projects proposed for the financing must provide either 20% of the units at rents affordable to households with incomes at or below 50% of the area median income (AMI) or 40% of the units at rents affordable to households with incomes at or below 60% of the area median income.
Throughout the 1980s and 1990s ARHA's bond issuance function financed many apartment projects in the City that included required components of affordability, with a stream of fee revenue generated for the Authority, in exchange for issuing the bonds and monitoring the...
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