City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 2, 2020
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of a Predevelopment Loan of $250,000 to AHDC for a New Project at 4547, 4555, and 4575 Seminary Road that Combines Affordable Rental Housing, Affordable Homeownership Options, and a Component of Permanent Support Housing for Alexandrians with Development Disabilities
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ISSUE: Predevelopment loan to AHDC to facilitate development of a new project with affordable rental housing as well as affordable homeownership options, including some units to house persons with developmental and/or intellectual disabilities.
RECOMMENDATION: That City Council approve the $250,000 predevelopment loan to AHDC for a proposed project at 4547, 4555 and 4575 Seminary Road and authorize the City Manager to execute the necessary loan documents.
BACKGROUND: As the refinancing and rehabilitation of Bellefonte Apartments progresses toward completion, AHDC is working again with Sheltered Homes of Alexandria (SHA) to assemble three parcels located at 4547, 4555 and 4575 Seminary Road to develop a project that would include a small affordable rental building (approximately 40 units) proposed to be partially funded with equity from competitive tax credits through the Virginia Housing (aka "VHDA") nonprofit pool, and a small townhome/condominium development (approximately 15 units) that would offer affordable homeownership options as well as incorporate four units that provide permanent supportive housing for up to 16 current SHA residents.
The parcels currently include a single-family home owned by SHA and operated as a group home for intellectually and/or developmentally disabled clients, a single family home that is privately owned on which AHDC has a purchase option agreement in place, and a vacant/u...
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