Title
American Rescue Plan Act Affordable Housing Gap Financing Program - Amendment (Ordinance S-50024)
Description
Request to authorize the City Manager, or his designee, to amend Ordinance S-49897 amending the entity name from Ulysses Development to Ulysses Development Group, South 12th St. Owner LLC, South 12th St. UDG Developer LLC, Affordable Housing Institute, Inc., or a City-approved nominee for the 12th Street Apartments affordable housing development project, 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 with 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 12th Street Apartments project is located at 3616 and 3624 S.12th St. and plans to provide a total of 126 affordable units, eight of which 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 Ulysses Development.
Location
3616 and 3624 S. 12th St.
Council District: 8
Department
Responsible Department
This item is submitted by Deputy City Manager Gina Montes and the Housing Department.