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City of Albuquerque
File #: EC-20-17   
Type: Executive Communication Status: Approved
File created: 1/22/2020 In control: City Council
Final action: 2/3/2020
Enactment date: Enactment #:
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
Attachments: 1. EC-17

 

 

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