City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 20, 2023
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: HELEN S. MCILVAINE, DIRECTOR, OFFICE OF HOUSING
DOCKET TITLE:
TITLE
Consideration of Funding Plan for Housing Alexandria's Mount Vernon - Glebe Development, including a Loan of $31.5 million in FY 2023 to FY 2024 City Housing Funds and a Commitment of up to $22 million in FY 2025 to FY 2026 Housing Funds, as Needed, to Facilitate Infrastructure, Parking, and 206 Affordable Units.
BODY
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ISSUE: Commitment of balance of FY 2023 to FY 2024 City Housing Funds as well as FY 2025 to FY 2026 funding of up to $22 million, as needed, to be provided as a loan to Housing Alexandria (HALX) to enable construction of the initial phase of the Mount Vernon - Glebe Development Project, including land acquisition, site work, infrastructure improvements, underground parking, city flex space, and 206 units of affordable rental housing.
RECOMMENDATION: That City Council approve the following:
1) An additional loan of $31.5 million in FY 2023 to FY 2024 housing funds, as planned, for upcoming components of Building One (to be partially funded with tax credits), as well as a commitment of up to $22 million in FY 2025 to FY 2026 City Housing/CIP funds to complete the City funding package for Phases Zero and One to facilitate a Summer 2023 start on the Arlandria project;
2) Authorization for the City Manager to execute all documents required to facilitate the application and receipt of federal funds for the project; and
3) Authorization for the City Manager to execute agreements and all related documents to implement the loan and project.
BACKGROUND: Housing Alexandria's Mount Vernon - Glebe project received development approvals in early 2022 and, with City loan support of $10.5 million, was successful in applying for a comp...
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