Title
American Rescue Plan Act Affordable Housing Gap Financing Program Amendment (Ordinance S-50025)
Description
Request to authorize the City Manager, or his designee, to amend Ordinance S-49892 amending the entity name listed from Chicanos Por La Causa to Chicanos Por La Causa Inc., Chicanos Por La Causa Land Bank LLC, 25th & Bell LIHTC LLC, or a City-approved nominee for the 25th @ Bell Apartments, and to take all actions and execute all documents to complete the loan. Further request the City Controller to disburse all funds for the life of the contract.
Report
Summary
The American Rescue Plan Act (ARPA) Affordable Housing Gap Financing program will provide the entity a low-interest loan to subsidize the creation of affordable units serving households at or below 65 percent of the Area Median Income for a minimum period of 20 years. The 25th @ Bell Apartments project is located at 16801 N. 25th St. and plans to provide 53 affordable units of which 11 will be ARPA funded units.
Financial Impact
This program is funded by ARPA, and there is no impact to the General Fund.
Loan execution is anticipated for Fiscal Year 2023-24.
Concurrence/Previous Council Action
On June 14, 2023, the Phoenix City Council approved the entity under the name Chicanos Por La Causa.
Location
16801 N. 25th St.
Council District: 2
Department
Responsible Department
This item is submitted by Deputy City Manager Gina Montes and the Housing Department.