Title
Approval of a Resolution Authorizing a Revised and Amended Real Estate Purchase and Sale Agreement with Low Income Housing Institute
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move approve a resolution authorizing a revised and amended real estate purchase and sale agreement with Low Income Housing Institute.
Report
Issue:
Whether approve a resolution authorizing a revised and amended real estate purchase and sale agreement with Low Income Housing Institute.
Staff Contact:
Jacinda Steltjes, Housing Manager, Community Development, 360.753.8482
Presenter(s):
None - Consent Calendar Item
Background and Analysis:
In spring 2022, City of Olympia and Thurston County partnered to purchase property in Olympia along Franz Anderson Rd. SE for utilization as affordable housing. Olympia issued a Solicitation of Interest seeking a development team to acquire and develop tax parcels 58900000300, 58900000301, 58900000400, 58900000500, 58900000600 into Permanent Supportive Housing on February 17, 2023. Proposals were due March 27, 2023.
Staff representing the City of Olympia, City of Lacey, City of Tumwater, and Thurston County reviewed and rated the responsive proposals in spring 2023 and selected Low Income Housing Institute (LIHI) to develop the project.
Franz Anderson Permanent Supportive Housing Project
The project is occurring at approximately 527 Franz Anderson Rd. SE and consists of 70 units of low-barrier studio and one-bedroom housing units for low-income single adults and couples. Up to 35 of the units will be available to households with incomes up to 50% of Area Median Income, $43,000 for a one-person household and $49,150 for a two-person household. The remaining units will be available to households with incomes up to 30% of Area Median Income, $25,800 for a one-person household and $29,500 for a two-person household. Tenants will pay no more than 30% of their annual income on rent a...
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