Agenda Date: 01/05/2021
Subject:
Title
Resolution 04-2021: Supporting the submission of a Low-Income Housing Tax Credit (LIHTC) application by South Metro Housing Options (SMHO) to the Colorado Housing and Finance Authority (CHFA)
Body
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Prepared by: |
Mark Relph, City Manager |
PURPOSE:
Does council support SMHO’s submission of a Low-Income Housing Tax Credit application to CHFA?
PRESENTATIONS:
Staff Presenter(s): Mark Relph, City Manager
Additional Presenter(s): Corey Reitz, Executive Director of SMHO
SUMMARY:
South Metro Housing Options (SMHO) will submit a 9% Low Income Housing Tax Credit (LIHTC) application in February 2021. The application will be submitted to the Colorado Housing and Finance Authority (CHFA) and will detail the redevelopment of a 1.2 acre parcel of land, owned by SMHO, on the northwest corner of Powers and Elati. Current property use is single-family, with twelve duplex units in six buildings. The property is surrounded by Powers Park on the West, Cherrelyn Healthcare Center on the North; and Lara Lea Apartments on the East.
The planned two-story development will be comprised of 51 elevator-served, one-bedroom apartments for Seniors, including a large community room. The property will serve residents ranging from up to 30% of the Area Median Income (AMI) to 60% AMI.
PRIOR ACTIONS OR DISCUSSIONS:
The City of Littleton approved a Site Development Plan (SDP) for the project in December 2020. The city’s code does allow for appeals of such decisions, but no such appeal was submitted; therefore, the project may proceed to the building permit process. For more detail related to this project, there is an attachment entitled the “Approval Criteria Assessment” dated November 16th, 2020.
Prior to the application of a building permit, SMHO will be pursuing financial assistance via CHFA and a low-income tax credit. A resolution of support provides SMHO the necessary assistance in the competitive application process. Council resolutions are a very typical approach throughout the state for such applications.
ANALYSIS:
Staff Analysis
SMHO is proposing this development to meet the housing needs of the Littleton community; particularly the needs identified in the City’s Comprehensive Plan (2019) and Littleton Housing Study (updated in 2020). Both documents illustrate the need for senior housing, citing the need for housing options attractive to seniors that will allow them to age in place. Housing for seniors that is affordable and low maintenance with few, or no stairs has been identified as a desired housing type. The planned development at Powers and Elati addresses each of these needs.
Council Goal, Objective, and/or Guiding Principle
Goal 1: Quality Community-Envision Littleton by addressing Policies H&N 1, 2 and 8.
Policy H&N 1: Encourage an array of residential options within the city - through new development, redevelopment, and maintenance of existing housing stock - to respond to the need for varied housing types, sizes, and price points that are attainable for prospective owners and renters at all levels of income.
Policy H&N 2: In cooperation with public and private partners, consider the entire spectrum of tools for assisting people in attaining their ownership or rental goals, and methods for spurring and guiding the supply side of the market to pursue projects that will address local needs.
Policy H&N 8: Promote design of residential developments near parks, trails, and preserved open spaces that capitalizes on this proximity.
In addition, the proposal furthers Goal 3: Good Governance Objective 3: Strategic Partnerships.
Fiscal Impacts
None to the city.
Alternatives
Do not declare support for submission of the application by SMHO.
STAFF RECOMMENDATION:
Staff recommends council support to SMHO for submission of this tax credit application to CHFA.
PROPOSED MOTION:
Proposed Motion
I move to approve the resolution providing city council support to South Metro Housing Options for the submission of a Low-Income Housing Tax Credit application to CHFA.