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Update on Town Affordable Development Projects: Trinity Court and Jay Street.
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Staff:
Department:
Faith M. Brodie, Director
Public Housing
Sarah Osmer Vinas, Director
Affordable Housing and Community Connections
Nate Broman-Fulks, Affordable Housing Manager
Affordable Housing and Community Connections
Emily Holt, Affordable Housing Development Officer
Affordable Housing and Community Connections
Overview:
This item provides an update to Council on the status of two Town-initiated development projects on Town land:
1. The redevelopment of the Trinity Court public housing community
2. The affordable housing development proposed at 110 Jay Street.
Recommendation(s):
That the Council receive the update from Town staff on the Trinity Court and Jay Street affordable housing development projects and provide feedback.
Background:
The Town and its development partners have been implementing predevelopment and planning activities for the Trinity Court and Jay Street affordable housing development projects. Both have developed and submitted concept plans and anticipate submitting development applications by the end of 2021. As part of that effort, they have also been exploring various financing scenarios, and the associated Town subsidy that might be needed.
Leading up to this update to Council, the Town Council has provided input and authorization in various phases of both projects, as outlined in the attachment.
Proposed Financing Plan
As part of this update, staff will describe the plans for the development teams of both projects to pursue a 9% Low Income Housing Tax Credit (LIHTC) award to help finance the projects. This is a change from the original proposal that both projects pursue a 4% LIHTC award and has the potential to eliminate an estimated $2-$3 Million in Town subsidy for either project. Utilizing a 9% tax credit would also ensure a project reaches a substantial number of very low-income households, since the 9% tax credit program assig...
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