City of Alexandria, Virginia
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MEMORANDUM
DATE: DECEMBER 7, 2016
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of Loan and Grant Requests from the Alexandria Housing Development Corporation for the Redevelopment of Carpenter's Shelter and for Adoption of a Resolution Designating the Carpenter's Shelter Site a Revitalization Area.
BODY
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ISSUE: Consideration of (1) a loan of up to $7.1 million to the Alexandria Housing Development Corporation (AHDC) to develop 98 affordable rental housing units as part of a mixed-use development, including a new shelter facility and related programming, administrative and case management space, (2) a grant of up to $250,000 to AHDC for a pilot rental subsidy program to rental to provide deep affordability in ten units for five years, and (3) a resolution designating the Carpenter's Shelter site a revitalization area pursuant to the Virginia Code.
RECOMMENDATION: Contingent on land use approvals to be considered by City Council on December 17, 2016 that City Council:
(a) Approve a permanent loan to AHDC of up to $7,100,000 (including $500,000 of previously approved predevelopment funds) for the development of 98 affordable apartments; and
(b) Approve grant funds to AHDC of up to $250,000 for a pilot rental subsidy program to provide deep affordability in ten units for five years; and
(c) Pass a resolution designating the Carpenter's Shelter site a Revitalization Area pursuant to Section 36-55.30:2A of the Virginia Code; and
(d) authorize the City Manager to execute documents related to the loan as well as those evidencing City support for AHDC's March 2017 application for low income housing tax credits.
BACKGROUND: AHDC and Carpenter's Shelter (CS), two City-based nonprofit housing organizations, are collaborating to redevelop the Carpenter Shelter pro...
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