City of Alexandria, Virginia
________________
MEMORANDUM
DATE: NOVEMBER 14, 2018
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration 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 Adoption of a Resolution Designating the Development Site a Revitalization Area. [ROLL-CALL VOTE] (This is not a public hearing item)
BODY
_________________________________________________________________
ISSUE: 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:
(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) Adopt 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 new building will be located where there is currently an underutilized surface parking lot. The Church and its tenant...
Click here for full text