City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 17, 2015
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of Predevelopment Loans to AHDC and AHC to Facilitate Two Affordable Housing Developments.
BODY
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ISSUE: Two pending predevelopment loan requests from AHDC and AHC for affordable housing projects.
RECOMMENDATION: That City Council:
(a) approve a predevelopment loan to the Alexandria Housing Development Corporation (AHDC) of $360,000 for a proposed 72 unit (approximate unit count) affordable building within the proposed mixed use Gateway at King-Beauregard (Gateway) development;
(b) approve a predevelopment loan to reimburse AHC, Inc. for up to $400,000, to be drawn as eligible costs are incurred, for a proposed 85-unit affordable development that is part of a mixed use redevelopment concept for the Episcopal Church of the Resurrection (ECR) site, and
(c) authorize the City Manager to execute documents related to the predevelopment loans to AHDC and to AHC.
BACKGROUND: There is a higher level than typical affordable housing development planning activity now underway in Alexandria. Among the factors contributing to this phenomenon are adoption of a Housing Master Plan (HMP) which established tools and targets for affordable housing through 2025, including the creation of at least 2,000 committed affordable units1; cultivation of positive working relationships with a range of nonprofit partners; Alexandria's demonstrated commitment of financial and technical assistance for affordable housing development and preservation; strengthening of relationships with key funders and investors, including VHDA, Enterprise Community Partners and others; and ongoing outreach to churches and other property owners interested in using their land assets for affordable ...
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