City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 6, 2019
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of an Amended Resolution Designating a Portion of the Fairlington Presbyterian Church Site a Revitalization Area. [ROLL-CALL VOTE]
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ISSUE: Consideration of an amended Resolution (Attachment 1) designating a portion of the Fairlington Presbyterian Church site a "Revitalization Area" pursuant to VA Code Section 36-55.30:2.A.
RECOMMENDATION: That City Council approve the proposed amended resolution (Attachment 1).
BACKGROUND: On November 17, 2017, Alexandria City Council adopted a Resolution (Attachment 2) designating a portion of the Fairlington Presbyterian Church site a revitalization area, in order to facilitate the financing and construction of affordable housing on that site. The portion of the site which is proposed for the designation, and which will be redeveloped by nonprofit Wesley Housing Development Corporation ("Wesley") as an affordable rental building, includes the underutilized surface parking lot behind the Church. Wesley's project will include a mix of 81 apartments with rents affordable to households with incomes ranging up to 60% AMI. Nine units will be deeply affordable.
The project's planned funding package for the $38.2 million project includes a permanent City loan of up to $7.65 million, including a predevelopment loan, a City grant of $270,000 to fund the pilot rental assistance to subsidize the nine deeply affordable (rents will be affordable to households with incomes below 40% AMI), low-income housing tax credit equity of approximately $20 million, private first trust loan monies of around $9 million and $1.6 million of developer fee deferred by Wesley.
Wesley is preparing a funding application to the Virginia Housing Development Authority (...
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