Title
American Rescue Plan Act Affordable Housing Gap Financing Program Amendment (Ordinance S-50022)
Description
Request to authorize the City Manager, or his designee, to amend Ordinance S-49895 amending the entity name listed from Morgan and Associates to Acacia Heights III LLC, Trinity Housing Development LLC, Acacia Heights III Manager LLC, Housing for Hope, Inc., Catholic Charities Community Services, or a City-approved nominee; amending the project address from 615 W. Pierson St. to 4747 N. 7th Ave., for the Acacia Heights III affordable housing development project; and to take all actions and execute all documents to complete the loan. Further request to authorize 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 Acacia Heights III project is located at 4747 N. 7th Ave. and plans to provide a total of 68 affordable units of which 41 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 Morgan and Associates.
Location
4747 N. 7th Ave.
Council District: 4
Department
Responsible Department
This item is submitted by Deputy City Manager Gina Montes and the Housing Department.