Title
Approval of a Resolution in Support of and Approving the Use of SHB 1406 Funds for the Unity Commons Phase Two Project
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the Resolution in support of and approving the use of SHB 1406 Funds for the Unity Commons Phase Two Project.
Report
Issue:
Whether to approve the Resolution in support of and approving the use of SHB 1406 funds for the Unity Commons Phase Two Project.
Staff Contact:
Darian Lightfoot, Housing Programs Manager, 360.280.8951
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
The Low-Income Housing Institute (LIHI) intends to break ground on the Unity Commons Phase 2 Project located at 2828 Martin Way by January 2023. The project is a 63-unit multi-family rental project serving homeless seniors. The project has faced difficulties with increasing construction costs and requested SHB 1406 funds from the Regional Housing Council (RHC) on August 25, 2021. The RHC approved the funding contingent upon LIHI demonstrating a need for the funding. That need has been demonstrated via a Sources and Uses Statement, Operating Pro-forma, and letters of commitment from other funders.
SHB 1406 funds are a regionally pooled funding source derived from Thurston County, City of Olympia, City of Lacey, City of Tumwater, and City of Yelm. In August of 2021, the Regional Housing Council approved the commitment of up to $1,741,380 in pooled SHB 1406 funds for the project. Since that time City of Tumwater, City of Lacey, and City of Olympia's City Councils have respectively approved the use of these funds for LIHI's 2828 Martin Way Phase 2 project. City of Tumwater's City Council has authorized the use of funds remitted to date of $96,019. City of Lacey has authorized two years' worth of collections amounting to $229,817. City of Olympia has authorized the commitment of $450,000. Thurston County will contribute a project...
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