DATE: November 15, 2018
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Title
Three River Community Action Agency Spring Creek II - 2018 Low Income Housing Tax Credit Application Scoring.
Body
SUMMARY AND ACTION REQUESTED:
Community Development Director Leah Hall of Three Rivers Community Action Agency (Three Rivers) will present the 2018 Low Income Housing Tax Credit (LIHTC) application scoring to the Housing & Redevelopment Authority (HRA).
BACKGROUND:
In March of 2017, non-profit developer Three Rivers agreed to partner with the HRA on a new project to increase the number of affordable rental housing units at Spring Creek Townhomes. The proposed project will be located on a portion of the 11.18 acres owned by the HRA in the Southbridge area.
The HRA land is part of a larger development site that was initially platted by Arcon Development as the Southbridge Subdivision. A final plat for the Southbridge 1st Addition was approved in 2003, and development proceeded until the recession in 2008. At that time, the remaining land was split between the HRA and the neighboring property owners (Vern & Joan Koester).
In 2017, staff met with Three Rivers and the Koester's to consider numerous concept plans involving a potential land swap. In December of 2017, it was determined that he HRA and Three Rivers would move forward with a concept for development on the 11.18 acres owned by the HRA. The HRA agreed to donate up to 4.5 acres of HRA owned land for the creation of affordable workforce housing in the Southbridge area for the project. It is anticipated that the remaining HRA land will be developed in 2 or more phases. The first phase will include the construction of 32 townhome dwellings (Spring Creek II) and required infrastructure.
It was determined that the proposed Spring Creek II Project perfectly aligns with the City's strategic initiatives to provide affordable, workforce housing in Northfield....
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