Title
American Rescue Plan Act Affordable Housing Gap Financing Program Amendment (Ordinance S-50023)
Description
Request to authorize the City Manager, or his designee, to amend Ordinance S-49896 amending the entity name listed as Partners for Housing Solutions to Mesquite Terrace Apartments LLC, Mesquite Terrace Apartments Manager LLC, Trinity Housing Development LLC, H4H Mesquite Terrace LLC, Housing for Hope Inc., Catholic Charities Community Services, or a City-approved nominee for the Mesquite Terrace Apartments 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 Mesquite Terrace Apartment project is located at 5055 N. 19th Ave. and plans to provide a total of 297 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 Partners for Housing Solutions.
Location
5055 N. 19th Ave.
Council District: 4
Department
Responsible Department
This item is submitted by Deputy City Manager Gina Montes and the Housing Department.