Title
Approval of a Conditional Award Letter Authorizing Affordable and Supportive Housing Funds for Unity Commons Phase Two
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the conditional award letter for Affordable and Supportive Housing Funds (1406) for Unity Commons Phase Two at 2828 Martin Way.
Report
Issue:
Whether to authorize staff to send the Low Income Housing Institute (LIHI) a letter committing up to $300,000 of Affordable and Supportive Housing Funds (1406) for Unity Commons Phase Two at 2828 Martin Way.
Staff Contact:
Cary Retlin, Home Fund Manager, City Manager's Office, 360.570.3956.
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
In July the Low Income Housing Institute (LIHI) contacted city and county staff to alert them that due to a number of unforeseen changes, including rapidly rising construction materials costs, the second phase of supportive affordable housing proposed at Unity Commons at 2828 Martin Way was at risk of not being competitive for the fall state Housing Trust Fund application round. The total funding gap is $1.7 million - but most of that has been addressed through an award letter approved in August by the Regional Housing Council.
The Olympia Home Fund Advisory Board reviewed the LIHI letter and updated budget and recommended that the City of Olympia and Regional Housing Council fund the gap so the project could proceed and be competitive for state funds.
Regional Housing Council Action on This Topic
The Regional Housing Council took action at their August meeting to recommend a conditional award of $1 million in Affordable and Supportive Housing (1406) Funds accruing this year. Those funds are pooled from all Thurston County jurisdictions. Since some jurisdictions still have uncommitted 2020 funds, like Olympia, the Regional Housing Council requested that Olympia and other cities also consider making contributions ...
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