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
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 v...
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