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:
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Sarita Nair Date Esteban A. Aguilar, Jr. Date
Chief Administrative Officer City Attorney
Recommended:
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Carol M. Pierce Date
Director, Family & Community Services