City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 3, 2018
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
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Consideration of a Loan of up to $9 Million to AHC, Inc. (AHC) to Develop 113 Affordable Rental Housing Units in Partnership with the Episcopal Church of the Resurrection (ECR); A Grant of $350,000 to Fund a Pilot Rental Subsidy Program to Create 12 Deeply Affordable Units at the Property; and to Approve a Resolution Designating the ECR Site A Revitalization Area Pursuant To Section 36-55.30.2A Of the Virginia Code.
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ISSUE: Consideration of a loan of up to $9 million to AHC, Inc. (AHC) to develop 113 affordable rental housing units in partnership with the Episcopal Church of the Resurrection (the "Church" or "ECR"); a grant of $350,000 to fund a pilot rental subsidy program and to approve a resolution designating the ECR site a Revitalization Area.
RECOMMENDATION: That City Council receive the following recommendations, discuss the proposed loan at the January 9, 2018 Legislative Meeting and schedule this for adoption at Council's January 20 meeting after Council acts on the proposed Development Special Use Permit for:
(a) Approve a permanent loan to AHC of up to $9 million for development of 113 affordable units;
(b) Approve a grant of $350,000 to fund a pilot rental subsidy program to create 12 deeply affordable units;
(c) Adopt a resolution (Attachment 2) designating the ECR 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 AHC's tax credit application and the City's loan as required.
BACKGROUND: AHC and the Episcopal Church of the Resurrection are collaborating to redevelop the Church's 2-acre property located at 2280 North Beauregard Street in the Beauregard area. As part of the red...
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