City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 15, 2022
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: JAMES F. PARAJON, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of a Request to Approve a Resolution Designating the Alexandria Housing Development Corporation (AHDC) Mount Vernon Avenue - Glebe Road Project Site a Revitalization Area. [ROLL-CALL VOTE]
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ISSUE: Approval of designation of the Alexandria Housing Development Corporation (AHDC) Mount Vernon Avenue - Glebe Road Project site as a Revitalization Area in support of an application for low income housing tax credits to finance and redevelop the property to include affordable housing.
RECOMMENDATION: That City Council:
(a) Approve a resolution designating the AHDC Mount Vernon Avenue - Glebe Road Project site a Revitalization Area pursuant to Section 36-55.30:2A of the Virginia Code; and
(b) Authorize the City Manager to execute documents related to the tax credit application and the financing plan, including a letter of support.
BACKGROUND: AHDC has assembled several vacant and/or underutilized land parcels in the Arlandria-Chirilagua neighborhood, at the intersection of Mount Vernon Avenue and Glebe Road, in order to create a new mixed-use development that will combine approximately 475 units of affordable housing for households with incomes up to 80% of the area median income, including more than 100 rental units that will be deeply affordable to households with incomes up to 40% AMI.
The project's planned funding package is anticipated to include a permanent City loan (including predevelopment loans), a City pilot rental subsidy grant, low income housing tax credit equity, Virginia Housing Amazon Impact grant funds totaling more than $16 million, developer fee deferred by AHDC, as well as other sources.
AHDC is preparing a funding application to Virginia Housing (f...
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