City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 14, 2015
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, ACTING CITY MANAGER /s/
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Consideration of a Loan to AHC for a Proposed Affordable Housing Development Project Near Beauregard and the Designation of the Project Site as a Revitalization Area (Roll Call Vote)
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ISSUE: Loan of up to $5,700,000 to AHC, Inc. (AHC) for a proposed 93-unit affordable rental housing development on Fillmore Street, and a resolution designating the project parcel a revitalization area to induce other project funding, including low income housing tax credits.
RECOMMENDATION: That City Council (a) approves a total loan of up to $5,700,000 from the Housing Opportunities Fund and other affordable housing fund sources to AHC for the development of 93 new units of affordable housing; (b) approves the attached resolution designating the project site as a revitalization area; and (c) authorizes the City Manager to execute all appropriate documents.
BACKGROUND: AHC is a 501(c)(3) nonprofit housing development entity that works regionally to develop and preserve affordable housing. It currently owns and operates nearly 6,000 affordable and workforce apartments and has also sponsored some affordable homeownership projects. In the City, AHC is constructing Jackson Crossing, a 78-unit multifamily building on East Reed Avenue that will be affordable to households with incomes at or below 60% of the area median income (AMI). Jackson Crossing will be completed in Summer 2015.
As reported to Council in April 2014 when AHC requested and received a predevelopment loan of $460,000, AHC has an option to purchase two parcels located on Fillmore Avenue. These parcels are currently occupied by St. James United Methodist Church and the Methodist Bi-District office bui...
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