TO: Chair and Housing Authority Commissioners
THROUGH: Steve Powers, Executive Director
FROM: Nicole Utz, Administrator
SUBJECT:
title
Yaquina and Southfair Affordable Housing
Ward(s): All Wards
Commissioners(s): All Commissioners
Neighborhood(s): All Neighborhoods
Result Area(s): Safe Community; Welcoming and Livable Community.
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SUMMARY:
summary
Approval of an amended partnership agreement will authorize the Salem Housing Authority to take actions necessary to close on project financing for the Yaquina and Southfair properties.
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ISSUE:
Shall the Salem Housing Authority Commission adopt Resolution No. 2281 authorizing the Executive Director to take all actions necessary to close on project financing for the rehabilitation of Yaquina and Southfair multi-family rental housing properties?
RECOMMENDATION:
recommendation
Adopt Resolution No. 2281 authorizing the Executive Director to take all actions necessary to close on project financing for the rehabilitation of Yaquina and Southfair multi-family rental housing properties?
body
FACTS AND FINDINGS:
Yaquina Hall and Southfair Apartments combined add 54 new affordable units and rehabilitate 40 units in Salem. The properties are located at 2720 B Street NE (Yaquina) and 1901-1983 Fairgrounds RD NE (Southfair). Yaquina and Southfair were combined into one project for federal tax credit financing. To receive the financing, the Salem Housing Authority (SHA) formed a partnership known as Salem Yaquina Southfair Housing Limited Partnership. The Salem Housing Authority is the general partner and Salem Affordable Housing LLC is the sole initial limited partner.
By selling the properties to the Partnership, SHA will obtain for the project a federal Low-Income Housing Tax Credit (“LIHTC”) investment of approximately $10,853,777 and a Historic Tax Credit (HTC) investment of approximately $2,763,496 from U.S. Bancorp Community Development Housing Corporation.
BACKGROUND:
Affordable housing in Salem is a community need.
The Salem Housing Authority (SHA) is working on several new affordable housing projects.
Tax credits are a federal policy to incent the creation and maintenance of affordable housing.
Nicole Utz
Housing Administrator
Attachments:
1. Yaquina Southfair Omnibus Resolution No 2281 with Exhibit A