City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 25, 2024
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: JAMES F. PARAJON, CITY MANAGER /s/
DOCKET TITLE:
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Consideration of a Resolution Designating the Community Lodgings, Inc. (CLI) Elbert Avenue Project Site a "Revitalization Area" pursuant to Virginia Code Section 36-55.30:2.A. [ROLL-CALL VOTE].
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ISSUE: A Resolution designating the Community Lodgings, Inc. (CLI) Elbert Avenue Project Site a "Revitalization Area" pursuant to Virginia Code Section 36-55.30:2.A.
RECOMMENDATION: That City Council:
(1) Approve a Resolution designating the Elbert Avenue Project site a Revitalization Area pursuant to Section 36-55.30:2A of the Virginia Code; and
(2) Authorize the City Manager to execute any necessary documents related to this Resolution or otherwise in support of CLI's application for Virginia Housing Opportunity Tax Credits.
BACKGROUND: CLI received development approvals in February 2023 for the Elbert Avenue Project, a 91-unit affordable housing project located at 3908-3916 Elbert Avenue in Arlandria. Rents for the units will be affordable to households with incomes from at-or-below 30% to 60% of the Area Median Income (AMI). The total development cost of Elbert Avenue is approximately $51.5 million, and the project's funding package is anticipated to include a permanent City loan of $3,475,000 (including $450,000 in predevelopment funds and the balance of a prior rehabilitation loan) and a Housing Trust Fund-sourced rental subsidy grant of $350,000, along with state and federal low-income housing tax credit equity, bonds, a deferred developer fee, and monies from various other sources.
CLI is preparing an application to Virginia Housing (VH) for state Housing Opportunity Tax Credits which is due in mid-July. A City Council resolution designating the project site a Revitalization Area will pr...
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