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File #: 31263    Version: Name: Authorizing the Mayor and City Clerk to execute a loan agreement with Movin’ Out, Inc. (MOI) for up to $660,000 in Housing Development Reserve and Affordable Housing Trust Funds for the development of 21 CDD-assisted affordable rental units at the Royster
Type: Resolution Status: Passed
File created: 8/15/2013 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 10/1/2013 Final action: 10/1/2013
Enactment date: 10/3/2013 Enactment #: RES-13-00753
Title: SUBSTITUTE: Authorizing the Mayor and City Clerk to execute a loan agreement with Movin’ Out, Inc. (MOI) for up to $660,000 in Housing Development Reserve and Affordable Housing Trust Funds for the development of 21 CDD-assisted affordable rental units at the Royster Clark site.
Sponsors: David Ahrens, Maurice S. Cheeks, Lauren Cnare, Matthew J. Phair
Attachments: 1. SR MOI Royster Crossing AHTF-HOME Staff Review.pdf, 2. MOI AHTF Application Royster Crossing Multifamily, 3. MOI HOME Application Royster Crossing Multifamily, 4. MOI Attachment F 30 year.pdf, 5. MOI Market Study Royster Crossing Multifamily, 6. MOI Site Map Royster Crossing, 7. MOI Royster Crossing res Ver 1.pdf
Fiscal Note
Sufficient Federal Housing Development and City Affordable Housing Trust Fund (AHTF) funds are available for this project within the Community Development Division’s Housing Development Reserve Fund and the Affordable Housing Trust Fund, which was authorized as part of the CD Division’s 2013 Adopted Operating budget. The use of these funds will have no impact on the local levy.
Title
SUBSTITUTE: Authorizing the Mayor and City Clerk to execute a loan agreement with Movin’ Out, Inc. (MOI) for up to $660,000 in Housing Development Reserve and Affordable Housing Trust Funds for the development of 21 CDD-assisted affordable rental units at the Royster Clark site.
Body
Movin’ Out, Inc. is a non-profit affordable housing developer that specializes in providing housing for people with disabilities to live in non-congregate housing settings with access to supportive services. Movin’ Out, Inc. has proposed to develop a portion of the Royster Clark site located at Cottage Grove and Dempsey Roads to construct a 70-unit mixed-income rental development. The development will include a mix of 1, 2, and 3 bedroom units with 59 of the units targeted to households with income at or below 60% AMI plus 11 market rate units. 25% of the units will be affirmatively marketed for people with disabilities. Movin’ Out will use its remaining 2012 HOME rental development funds ($128,318) in combination with the current request of $265,841 in Housing Development Reserve funds and $265,841 in Affordable Housing Trust Fund (AHTF) to provide a $660,000 loan to its affiliated entity, Royster Crossing Multi-family, LLC. Housing Development Reserve funds/2012 HOME funds and AHTF funds will be used to create 11 Reserve fund/HOME units and 10 AHTF units.

Movin’ Out, Inc. will submit an application for WHEDA Low-Income Housing Tax Credits in January 2014 for approximately $11.6M $7.3M to fund this project in addition to the funds requested from the CD Division, and a first mortgag...

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