City of Albuquerque - File #: R-13-9

• File #: R-13-9
• Type: Resolution
• Status: Enacted and Published
• File created: 12/16/2013
• In control: City Council
• Final action: 1/6/2014
• Enactment date: 1/22/2014
• Enactment #: R-2014-002
• Title: Designating Workforce Housing Trust Funds And Home Investment Partnerships Funds For Affordable Housing Development Projects And Directing The Mayor To Execute Two Affordable Housing Development Agreements (Benton)
• Sponsors: Isaac Benton

Date	Action By	Action	Result
1/22/2014	City Clerk	Published
1/21/2014	Mayor	Signed by the Mayor
1/15/2014	City Council	Sent to Mayor for Signature
1/6/2014	City Council	Passed	Pass
12/16/2013	City Council	Introduced
12/16/2013	President	To be heard at the Council Meeting

CITY of ALBUQUERQUE
TWENTY-FIRST COUNCIL


COUNCIL BILL NO. R-13-9 ENACTMENT NO. ________________________

SPONSORED BY: Isaac Benton


RESOLUTION
title
Designating Workforce Housing Trust Funds And Home Investment Partnerships Funds For Affordable Housing Development Projects And Directing The Mayor To Execute Two Affordable Housing Development Agreements (Benton)
body
DESIGNATING WORKFORCE HOUSING TRUST FUNDS AND HOME INVESTMENT PARTNERHIPS FUNDS FOR AFFORDABLE HOUSING DEVELOPMENT PROJECTS AND DIRECTING THE MAYOR TO EXECUTE TWO AFFORDABLE HOUSING DEVELOPMENT AGREEMENTS.
WHEREAS, there are an estimated 54,000 households in Albuquerque that are housing cost burdened (paying more than 30% of income towards housing costs); and
WHEREAS, there are over 18,000 extremely low-income renter households in Albuquerque; and
WHEREAS, eleven percent of elderly households in Albuquerque are living below the poverty level; and
WHEREAS, the City of Albuquerque has financial resources available through the Workforce Housing Trust Fund and the HOME Investment Partnerships grant from the U.S. Department of Housing and Urban Development; and
WHEREAS, there are two projects which have submitted applications for funding to the City for affordable housing development; and
WHEREAS, one of these projects, a grocery store with affordable rental housing above the store is proposed within the Downtown Metropolitan Redevelopment Area and conforms to the requirements of the Downtown 2010 Sector Plan; and
WHEREAS, UR205Silver, LLC will partner with a non-profit affordable housing developer to construct seventy-four apartment units on that site, sixty of which will be affordable, and some of these available to persons with special needs.
WHEREAS, the UR205Silver project will help catalyze redevelopment and provide needed retail service for the project and other residents in the area; and,
WHEREAS, the second project, CUATRO, is prop...