City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 12, 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. [ROLL-CALL VOTE] [This item is not a public hearing item.]
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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:
(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 redevelopment, the Church will construct a new church building on the southern portion of the site to continue its ministry, food pantry, and other community services. AHC will have a...
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