INTER-OFFICE MEMORANDUM September 21, 2023
TO: Pat Davis, President, City Council
FROM: Timothy M. Keller, Mayor
SUBJECT: title
Approval of the Farolito Senior Community Development Agreement with Greater Albuquerque Housing Partnership to Utilize HUD HOME Funds Towards the New Construction of a Senior Rental Housing Project
body
This request for approval is for the proposed Development Agreement between the City of Albuquerque and the Greater Albuquerque Housing Partnership, to provide gap financing towards the future new construction of the Farolito Senior Community, located at 10501 Central Avenue NE. The Project includes the construction of 82 residential units for seniors age 55 and older on land owned by the New Mexico State Land Office, which will be leased by the Development Entity (as defined herein) for a minimum term of 60 years. The development will contain seventy-two (72) 1-bedroom and ten (10) 2-bedroom rental housing units, and common space totaling approximately 76,675 heated square feet. Of the 82 units, 13 units shall be for households at or below 80% AMI, 28 units shall be for households at or below 60% of AMI, 16 units shall be for households at or below 50% AMI, and 25 units shall be for households at or below 30% AMI. The Project shall remain an affordable rental housing project, abiding by the High-HOME and Low-HOME rents for the 20-year HOME Affordability Period.
The project will leverage the City funds with a Low Income Housing Tax Credit Allocation from the New Mexico Mortgage Finance Authority and will count as the local contribution needed to make the project feasible.
This request is forwarded to the Council for consideration and approval.
Approval of the Farolitio Senior Community Development Agreement with Greater
Albuquerque Housing Partnership to Utilize HUD HOME Funds Towards the New
Construction of a Senior Rental Housing Project.
Approved: Approved as to Legal Form:
_______________________ ____________________________
Lawrence Rael Date Lauren Keefe Date
Chief Administrative Officer City Attorney
Recommended:
_______________________
Carol M. Pierce Date
Director