INTER-OFFICE MEMORANDUM November 3, 2020
TO: Patrick Davis, President, City Council
FROM: Timothy M. Keller, Mayor
SUBJECT: title
Approval of the Hiland Plaza Development Agreement with Greater Albuquerque Housing Partnership (GAHP) to Utilize HUD HOME Funding 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 Greater Albuquerque Housing Partnership (GAHP) to provide gap financing towards the future development of Hiland Plaza. Located at 5000 Central Avenue SE, Hiland Plaza will consist of 92 rental housing units, of which 75 will be Affordable to persons at or below 60% of the Area Median income (AMI) and 16 units will be at Market Rate.
The proposed City contribution of $3,586,842.65 from its HUD HOME Investment Partnerships grants include $307,739 of CHDO Set-Aside funding and $481,110 of City Match funds, 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 January 2021, which will leverage the City’s local contribution provided for in this agreement.
This request is forwarded to the Council for consideration and approval.
Legislation Title: Approval of the Hiland Plaza 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 Aguilar Date
Chief Administrative Officer City Attorney
Recommended:
Carol M. Pierce Date
Director, Dept. of Family & Community Services