City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 7, 2018
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Introduction of Requests for a Loan of Up to $7.65 Million to Wesley Housing Development Corporation (Wesley) for the Fairlington Presbyterian Church Affordable Housing Development, for a Rental Assistance Grant of $270,000 and for Designation of the Development Site as a Revitalization Area
BODY
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ISSUE: Provision of loan of up to $7.65 million to Wesley Housing Development Corporation ("Wesley") to facilitate development of 81 affordable rental housing units on a portion of the Fairlington Presbyterian Church (FPC) site and other actions to support its planned 2019 application for competitive low-income housing tax credits (LIHTC).
RECOMMENDATION: That the City Council schedule these requests for action at its November 17 meeting, following consideration and a public hearing of various development approvals necessary to enable the project, and:
(a) Approve a loan of up to $7.65 million to Wesley (including $400,000 previously approved for predevelopment) for development of 81 affordable rental units;
(b) Approve a grant of $270,000 to provide rental assistance subsidies, pursuant to the City's pilot program, to help make nine units deeply affordable;
(c) Approve a Resolution Designating the Project Site a Revitalization Area pursuant to VA Code Section 36-55.30:2; and
(d) Authorize the City Manager to execute all documents related to the City loan and its support for Wesley's application for low income housing tax credits.
BACKGROUND: Wesley and FPC have entered into a purchase and sale agreement and plan to create a condominium regime on the Church property at 3846 King Street, to allow Wesley to construct an affordable rental building with 81 units, above an underground parking garage. The...
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