City of Alexandria, Virginia
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MEMORANDUM
DATE: MARCH 21, 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:
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Consideration of a Commitment of $5 Million in Federal Funding to Support Capital Improvements at Park Vue Apartments, plus a Grant of $350,000 to Fund Rental Subsidies for 10 Units.
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ISSUE: A commitment of $5 million overall in federal funding (Community Development Block Grant (CDBG) funds on hand, future program income/loan proceeds, and TBD grant funds) to Housing Alexandria for capital improvements at Park Vue plus a grant of $350,000 in pilot rental subsidy program funding to create a component of deeply affordable units (10 units).
RECOMMENDATION: That City Council approve the following:
1) A commitment of up to $5 million in federal funding overall to be disbursed pursuant to a loan agreement with Housing Alexandria for capital improvements at Park Vue Apartments, to include:
a. a transfer of $1 million in currently available CDBG grant carryover and program income from the Home Rehabilitation Program to the Housing Opportunity Fund (HOF) Multifamily Rehabilitation Program Funds; and
b. future transfers of CDBG program income, including loan repayment proceeds, as available, and as necessary to meet this commitment, from City-administered federally funded programs eligible for this use; and
c. from funding awards, appropriate for this purpose pursuant to other TBD federal grant applications, on which the City and Housing Alexandria will collaborate; along with
2) A grant of up to $350,000 from city Housing Trust Fund monies to be used for rental subsidies for 10 committed deeply affordable (40% AMI) units at Park Vue Apartments;
3) Authorize the City Manager to execute agreements and all related documents to implement...
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