INTER-OFFICE MEMORANDUM January 15, 2020
TO: Klarissa J. Pena, President, City Council
FROM: Timothy M. Keller, Mayor
SUBJECT:
title
Approval of the Santana Apartments Development Agreement with Supportive Housing Coalition of New Mexico to Utilize Workforce Housing Trust Funds Towards the Development of a Multi-Family Rental Housing Project
body
Approval is requested for the proposed Development Agreement between the City of Albuquerque and Supportive Housing Coalition of New Mexico to provide gap financing towards the future development of the Santana Apartments. Located at 4501 Central Avenue NE, Santana will consist of 111 multi-family rental housing units, of which, 94 units are designated for persons who are at or below 80% AMI and 17 units at Market Rate.
The proposed City contribution of $950,000 will come from its Workforce Housing Trust Fund.
The project will seek a Low Income Housing Tax Credit Allocation from the New Mexico Mortgage Finance Authority in February 2020, which will leverage the City’s local contribution provided for in this agreement.
This request is forwarded to the Council for its consideration and approval.
Approval of the Santana Apartments Development Agreement with Supportive Housing Coalition of New Mexico to Utilize Workforce Housing Trust Funds Towards the Development of a Multi-Family Rental Housing Project.
Recommended: Approved as to Legal Form:
_____________________________ ____________________________
Sarita Nair Date Esteban A. Aguilar, Jr. Date
Chief Administrative Officer City Attorney
Recommended:
_____________________________
Carol M. Pierce Date
Director, Family & Community Services