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City of Albuquerque
File #: EC-20-9   
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 Luminaria Senior Community Development Agreement with Greater Albuquerque Housing Partnership (GAHP) to Utilize HUD HOME Funding Towards the Development of a Multi-Family Rental Housing Project
Attachments: 1. EC-9

 

 

INTER-OFFICE MEMORANDUM                                                               December 19, 2019

 

TO:                                          Klarissa J. Pena, President, City Council

 

FROM:                     Timothy M. Keller, Mayor

 

SUBJECT:                     

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Approval of the Luminaria Senior Community Development Agreement with Greater Albuquerque Housing Partnership (GAHP) to Utilize HUD HOME Funding Towards the Development of a Multi-Family Rental Housing Project

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Approval is requested for the proposed Development Agreement between the City of Albuquerque and Greater Albuquerque Housing Partnership (GAHP) to provide gap financing towards the future development of Luminaria Senior Community.  Located at 10600 Central Avenue SE, Luminaria will consist of 92 senior rental housing units, of which 77 units will be Affordable to persons at or below 60% of the Area Median Income (AMI) and 15 units will be at Market Rate. 

 

The proposed City contribution of $3,248,123 from its HUD HOME Investment Partnerships grants include CHDO Set-Aside funding, which can only be used by a Community Housing Development Organization (CHDO), a designation that GAHP currently meets.

 

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 Luminaria Senior Community Development Agreement with Greater Albuquerque Housing Partnership (GAHP) to Utilize HUD HOME Funding 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