City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 4, 2024
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: HELEN MCILVAINE, DIRECTOR, OFFICE OF HOUSING
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Consideration of a Resolution Authorizing the Issuance of Revenue Bonds by the Alexandria Redevelopment and Housing Authority (ARHA) for Housing Alexandria's Sanse Project in Arlandria. [ROLL-CALL VOTE]
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ISSUE: Consideration of a Resolution regarding issuance of two revenue bonds by ARHA to Housing Alexandria (HALX) sub-entities for upcoming phases of the Sanse Apartments Project in Arlandria (Attachment 1).
RECOMMENDATION: That City Council approve the resolution for bond financings totaling $10 million to support construction of two phases of HALX's Sanse Apartments Project that will provide 328 affordable rental units.
BACKGROUND: Over multiple phases, Housing Alexandria's Sanse Apartments Project will construct a total of 416 committed affordable rental units in Arlandria. The bond financings proposed in the Resolution will support two upcoming phases of the project for which Housing Alexandria has secured 4% low-income housing tax credits. HALX's application can be viewed in Attachment 2. The project is being funded through a variety of sources, including local, state and federal loans and grants, competitive and non-competitive tax credits, bonds and construction and permanent loans. As stated above, the two bond issuances relate to 328 units. HALX's presentation to the ARHA Board is included in Attachment 3.
DISCUSSION: These bonds represent an important, planned funding source for the project. Although HALX was initially working with the Harrisonburg Housing Authority to secure bond financing, ARHA's recent re-establishment of its bond function (the program is described in Attachment 4) caused HALX to seek a local issu...
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