Title
Approval of a Resolution Committing to Providing Funding in the Form of a Grant for up to $1,325,000 as Local Public Leverage for the Proposed Lansdale Pointe Apartments Project at 911 Burr Rd SE
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve a resolution committing to providing funding in the form of a grant for up to $1,325,000 as local public leverage for the proposed Lansdale Pointe Apartments project at 911 Burr Rd SE
Report
Issue:
Whether to approve a resolution committing to providing funding in the form of a grant for up to $1,325,000 as local public leverage for the proposed Lansdale Pointe Apartments project at 911 Burr Rd SE
Staff Contact:
Darian Lightfoot, Director of Housing and Homeless Response, 360.280.8951
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
Southport Financial Services has requested local match funding to support their application for the 4% Low-Income Housing Tax Credit (LIHTC) funding through the Washington State Housing Finance Commission. Southport's project (Lansdale Pointe Apartments) will create 162 units of low-income housing at 60% AMI or below. The project is located on Burr Road in Olympia and will house approximately 400 residents. The needed 5% local match for LIHTC funding is $2.65 million.
On January 31st, the Regional Housing Council voted to contribute 50% of the local match ($1.325 million). As proposed to the RHC, the City of Olympia would provide the other 50% of the local match. The City will be using its local Home Fund reserves (not conveyed to the County) to allocate to the project.
The application for LIHTC is due at the end of March. The 4% project criteria are reviewed based on the elements of the projects meeting the program requirements, not based on competition with other projects. Meaning, that because the project plans to meet the AMI threshold and has been awarded the local leverage, the L...
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