City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 7, 2023
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: HELEN S. MCILVAINE, DIRECTOR, OFFICE OF HOUSING
DOCKET TITLE:
TITLE
Consideration of a Resolution Designating the Witter Place Project Site a Revitalization Area. [ROLL-CALL VOTE]
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ISSUE: Consideration of an Resolution (Attachment 1) designating Community Housing Partners' (CHP) Witter Place Project Site a "Revitalization Area" pursuant to Virginia Code Section 36-55.30:2.A.
RECOMMENDATION: That City Council:
(1) Approve a resolution designating the Witter Place Project site a Revitalization Area pursuant to Section 36-55.30:2A of the Virginia Code; and
(2) Authorize the City Manager to execute any necessary documents related to this resolution in support of CHP's application for Low Income Housing Tax Credits.
BACKGROUND: CHP received development approvals in October 2022 for Witter Place, a 94-unit affordable housing project located at 2712 Duke Street. Rents for the units will be affordable to households with incomes from at-or-below 40% to at-or-below 60% of the Area Median Income. The total development cost of Witter Place is approximately $52 million, and the project's funding package is anticipated to include a permanent City loan of $10.5 million (including $400,000 in predevelopment funds) and a rental subsidy grant of $350,000, along with low-income housing tax credit equity, first mortgage debt, a deferred developer fee, and monies from various other sources.
CHP is preparing a funding application to Virginia Housing for competitive (9%) low-income housing tax credits for the project. The application is due in mid-March 2023. A City Council resolution designating the project site a Revitalization Area will provide key points to CHP's application and allow CHP to take advantage of...
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