To: Board of County Commissioners
Through: Katherine Smith, Director, Community Resources
Prepared By:
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Elizzebeth (Lizze) Loomis, Division Manager, Community Development, Housing and Homeless Services
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Subject:
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Approval of Intent to Enter into a Special Limited Liability Partnership with April Housing for the Reserve at South Creek Project.
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Purpose and Request:
recommended action
Staff requests that the Board of County Commissioners approve a future Special Limited Partnership between ArCHA and April Housing in connection with the Reserve at South Creek Apartment project, located at 14611 E. Jamison Drive in unincorporated Arapahoe County.
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Alignment with Strategic Plan: Economic Resilience and Stability - Enhance property tax assistance programs to reduce financial strain on vulnerable populations.
Background and Discussion: As part of advancing ArCHA's mission to expand affordable housing opportunities, staff is proposing the development of a partnership with April Housing, with the intent to form a Special Limited Partnership in connection with the proposed Low-Income Housing Tax Credit (LIHTC) multifamily development known as Reserve at South Creek Apartments. This partnership structure would enable ArCHA to participate in and support the financing and development of the project, which is intended to increase the supply of high-quality, income-restricted rental housing. The proposed development would contribute to meeting identified housing needs in unincorporated Arapahoe County and further ArCHA's goals of promoting housing stability and access to affordable housing for County residents.
Alternatives: The alternative would be to not move forward with the development of a partnership with April Housing for the Reserve at South Creek project
Fiscal Impact: Community Development, Housing, and Homeless Services staff time devoted to the development of this partnership will be allocated to the general funds design...
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