AGENDA DATE: 11/7/2018
TITLE:
Title
Park's Edge Apartments
BODY
SUBJECT/PROPOSAL/REQUEST: Resolution of support for the acquisition and renovation of Park's Edge Apartments by the Piedmont Housing Alliance
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Walker, Kamptner, Graham, White
PRESENTER (S): Ron White
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Park's Edge Apartments is a ninety-six (96) unit affordable multifamily property located on Whitewood Road. The property is owned currently by Albemarle Housing Associates L.P., a for-profit entity associated with the Albemarle Housing Improvement Program (AHIP). The property also includes a community center which was funded in part with Community Development Block Grant funds. The property was purchased and rehabilitated in 2003/04 using, in part, low-income housing tax credits which require a fifteen-year (15) compliance period. That compliance period ends in 2019 which will allow AHIP to retain the property as is, restructure the current financing, or sell the property to another entity.
STRATEGIC PLAN: Thriving Development Areas: Attract quality employment, commercial, and high density residential uses into development areas by providing services and infrastructure that encourage redevelopment and private investment while protecting the quality of neighborhoods
DISCUSSION: At the October 3, 2018 Board meeting, AHIP's Executive Director asserted that property ownership and management is not a core function for AHIP and explained that an immediate priority would be to work with a local mission-driven organization to transfer ownership and to ensure that Park's Edge would be in good hands and would remain affordable permanently. This transfer would also provide the new owner the opportunity to restructure the financing, including the possible infusion of additional low-income housing tax credit (LIHTC)- extending the affordability term until ...
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