Yucca - Zia LIHTC Property Donation
ACTION SHEET ITEM FROM FINANCE COMMITTEE MEETING OF 10/02/17 FOR CITY COUNCIL MEETING OF 10/11/17 f)
Request for Approval of a Resolution Directing City Staff to Prepare Undeveloped City-Owned Real Property Located at the Northeast Corner of Yucca Street and West Zia Road for Donation to a Qualified Grantee as Defined by the ~w Mexico Affordable Housing Act for the Development of a Multi-Family Residential Low Income Housing Tax Credit Project Pursuant to the Affordable Housing Act. (Councilor Ives} (Matthew O'Reilly} Committee Review: Public Works Committee City Council
10/10/17 10/11/17
Fiscal Impact: $13,000 for Costs Associated with Survey Platting, a Traffic Study, and Posting/Advertising of the Future Land Use Map Amendment and Rezoning Applications. FINANCE COMMITTEE ACTION: Approved on discussion FUNDING SOURCE: SPECIAL CONDITIONS OR AMENDMENTS
STAFF FOLLOW-UP: Councilor Harris interested in list of properlies owned by the City that are available for development ABSTAIN FOR AGAINST VOTE COUNCILOR VILLARREAL X 2nd COUNCILOR IVES X 1st COUNCILOR LINDELL X COUNCILOR HARRIS CHAIRPERSON DOMINGUEZ
X X
4-13-17
1
City of Santa Fe, New Mexico LEGISLATIVE SUMMARY Resolution No. 2017Yucca - Zia LIHTC Property Donation SPONSOR(S):
Councilor Ives
SUMMARY:
Ille proposed a resolution directs city staff to prepare undeveloped cityowned real property located at the northeast corner of Yucca Street and West Zia Road for donation to a qualified grantee as defined by the New Mexico Affordable Housing Act for the development of a multi-family residential Low Income Housing Tax Credit project pursuant to the Affordable Housing Act.
PREPARED BY:
Rebecca Seligman, Legislative Liaison Assistant
FISCAL IMPACT: Yes
DATE:
September 14, 2017
ATTACHMENTS: Resolution FIR
2
1
CITY OF SANTA FE, NEW MEXICO
2
RESOLUTION 2017~
3
INTRODUCED BY:
4
s
Councilor Peter N. Ives
6 7 8
9 10
A RESOLUTION
11
DIRECTING CITY STAFF TO PREPARE UNDEVELOPED CITY-OWNED REAL
12
PROPERTY LOCATED AT THE NORTHEAST CORNER OF YUCCA STREET AND WEST
13
ZIA ROAD FOR DONATION TO A QUALIFIED GRANTEE AS DEFINED BY THE NEW
14
MEXICO AFFORDABLE HOUSING ACT FOR THE DEVELOPMENT OF A MULTI~
15
FAMILY RESIDENTIAL LOW INCOME HOUSING TAX CREDIT PROJECT PURSUANT
16
TO THE AFFORDABLE HOUSING ACT.
17 18
WHEREAS, the City of Santa Fe's Housing Needs Analysis, updated in 2016, demonstrates
19
a rental housing shortage of at least two thousand four hundred (2,400) dwelling units affordable to
20
households earning below eighty percent (80%) of area med.ian income; and
21
WHEREAS, the use of land for development of multi-family residential rental housing is the
22
most efficient and effective method to produce affordable rental housing serving renter households
23
earning less than eighty (80%) of area median income; and
24
WHEREAS, the City's Asset Development Office has identified City-owned real property
25
located in City Council D.istrict 2 at the northeast corner of Yucca Street and West Zia Road (the
1
3
1
Prcmerty) that is well suited for development as multi-family residential rental housing; and
2
WHEREAS, the Property is over five (5) acres in size and has been undeveloped for many
3
years except for a small (1,600 square-foot) pair of handball courts that can easily be reestablished at
4
Ragle Park, an adjacent developed City park where users are better served by public restrooms, paved
5
parking, adequate lighting, and other on-site municipal recreational facilities; and
6
WHEREAS, the Prope1iy, in addition to its advantageous adjacency to Ragle Park, is in close
7
proximity to Chaparral Elementary School, Santa Fe .High School, and the Arroyo Chamiso Trail, is
8
proximate to adequate municipal and private utility and transportation infrastructure and, is capable of
9
supporting development of multi-family residential rental dwelling units at a density of at least twenty
10
(20) dwelling units per acre as a Low-Income Housing Tax Credit (LIHTC) project (the Housing
11
Project); and
12
WHEREAS, the City intends to donate the Prope11y to a qualified grantee (Developer), as
13
defined by the New Mexico Affordable Housing Act (the Act), with a proven record of successful
14
LIHTC development and administration of federal rental assistance in the City of Santa Fe, for
15
development of the Housing Prqject in accordance with City ordinances and state law, including
16
conformance with the City's Strategic Housing Plan and the City's Affordable Housing Trust Fund
17
ordinance (§26-3 SFCC 1987) adopted in conformance with the Act; and
18
WHEREAS, in addition to the value of the donated land, the City intends to contribute
19
additional financial donations in the form of waivers of City impact fees, development water budget
20
fees, development application fees, plan review fees, construction permit fees, water and waste water
21
utility expansion charges and other valuable incentives to a Developer for development of the Housing
22
Project; and
23
WHEREAS, the City intends that the total of all City contributions to the Housing Project will
24
constitute at least ten percent ( 10%) of the Housing Project's development costs in order to ensure the
25
most competitive LIHTC application for the Housing Project; and
2
4
1
WHEREAS, the City intends that its donated contributions shall constitute a direct grant to the
2
Housing Project su~ject to successful award of low-income housing tax credits and to the terms of a
3
land use regulatory agreement requiring and affordability period of forty-five ( 45) years running
4
concurrently with requirements imposed by the New Mexico Mottgage Finance Authority (NMMFA);
5 6
7 8
9
10 11
land
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF SANTA FE that City staff is directed to: (I)
Obtain, process, and record survey plat(s) necessary to establish a legal lot of record
for future transfer of the Propetty to a Developer contingent on the Developer successfully obtaining award of low-income housing tax credits within one of next two NMMFA application cycles; and
(2)
Prepare and submit to the City's Planning Commission and the Governing Body
12
concun-ent applications for: a) General Plan Future Land Use Map Amendment to change the
13
designation of the Property from "Parks" to "Residential (12-29 Dwellings per Acre)" and, b) rezoning
14
of the Property from R-1 to R-21; and
15
(3)
Identify a Developer that is a qualified grantee, as defined by the New Mexico
16
Affordable Housing Act (the AcJ;), with a proven record of successful LIHTC development and
17
administration of federal rental assistance in the City of Santa Fe, and assist the Developer with their
18
LIHTC application to the NMMFA for the Housing Project as required, including, if necessary and at
19
the appropriate time, preparation and submittal of a requisite City of Santa Fe Resolution to the
20
Governing Body and other donation documentation required to satisfy NMMF A requirements
21
necessruy to award low-income hoLL
Request for Approval of a Resolution Directing City Staff to Prepare Undeveloped City-Owned Real Property Located at the Northeast Corner of Yucca Street and West Zia Road for Donation to a Qualified Grantee as Defined by the ~w Mexico Affordable Housing Act for the Development of a Multi-Family Residential Low Income Housing Tax Credit Project Pursuant to the Affordable Housing Act. (Councilor Ives} (Matthew O'Reilly} Committee Review: Public Works Committee City Council
10/10/17 10/11/17
Fiscal Impact: $13,000 for Costs Associated with Survey Platting, a Traffic Study, and Posting/Advertising of the Future Land Use Map Amendment and Rezoning Applications. FINANCE COMMITTEE ACTION: Approved on discussion FUNDING SOURCE: SPECIAL CONDITIONS OR AMENDMENTS
STAFF FOLLOW-UP: Councilor Harris interested in list of properlies owned by the City that are available for development ABSTAIN FOR AGAINST VOTE COUNCILOR VILLARREAL X 2nd COUNCILOR IVES X 1st COUNCILOR LINDELL X COUNCILOR HARRIS CHAIRPERSON DOMINGUEZ
X X
4-13-17
1
City of Santa Fe, New Mexico LEGISLATIVE SUMMARY Resolution No. 2017Yucca - Zia LIHTC Property Donation SPONSOR(S):
Councilor Ives
SUMMARY:
Ille proposed a resolution directs city staff to prepare undeveloped cityowned real property located at the northeast corner of Yucca Street and West Zia Road for donation to a qualified grantee as defined by the New Mexico Affordable Housing Act for the development of a multi-family residential Low Income Housing Tax Credit project pursuant to the Affordable Housing Act.
PREPARED BY:
Rebecca Seligman, Legislative Liaison Assistant
FISCAL IMPACT: Yes
DATE:
September 14, 2017
ATTACHMENTS: Resolution FIR
2
1
CITY OF SANTA FE, NEW MEXICO
2
RESOLUTION 2017~
3
INTRODUCED BY:
4
s
Councilor Peter N. Ives
6 7 8
9 10
A RESOLUTION
11
DIRECTING CITY STAFF TO PREPARE UNDEVELOPED CITY-OWNED REAL
12
PROPERTY LOCATED AT THE NORTHEAST CORNER OF YUCCA STREET AND WEST
13
ZIA ROAD FOR DONATION TO A QUALIFIED GRANTEE AS DEFINED BY THE NEW
14
MEXICO AFFORDABLE HOUSING ACT FOR THE DEVELOPMENT OF A MULTI~
15
FAMILY RESIDENTIAL LOW INCOME HOUSING TAX CREDIT PROJECT PURSUANT
16
TO THE AFFORDABLE HOUSING ACT.
17 18
WHEREAS, the City of Santa Fe's Housing Needs Analysis, updated in 2016, demonstrates
19
a rental housing shortage of at least two thousand four hundred (2,400) dwelling units affordable to
20
households earning below eighty percent (80%) of area med.ian income; and
21
WHEREAS, the use of land for development of multi-family residential rental housing is the
22
most efficient and effective method to produce affordable rental housing serving renter households
23
earning less than eighty (80%) of area median income; and
24
WHEREAS, the City's Asset Development Office has identified City-owned real property
25
located in City Council D.istrict 2 at the northeast corner of Yucca Street and West Zia Road (the
1
3
1
Prcmerty) that is well suited for development as multi-family residential rental housing; and
2
WHEREAS, the Property is over five (5) acres in size and has been undeveloped for many
3
years except for a small (1,600 square-foot) pair of handball courts that can easily be reestablished at
4
Ragle Park, an adjacent developed City park where users are better served by public restrooms, paved
5
parking, adequate lighting, and other on-site municipal recreational facilities; and
6
WHEREAS, the Prope1iy, in addition to its advantageous adjacency to Ragle Park, is in close
7
proximity to Chaparral Elementary School, Santa Fe .High School, and the Arroyo Chamiso Trail, is
8
proximate to adequate municipal and private utility and transportation infrastructure and, is capable of
9
supporting development of multi-family residential rental dwelling units at a density of at least twenty
10
(20) dwelling units per acre as a Low-Income Housing Tax Credit (LIHTC) project (the Housing
11
Project); and
12
WHEREAS, the City intends to donate the Prope11y to a qualified grantee (Developer), as
13
defined by the New Mexico Affordable Housing Act (the Act), with a proven record of successful
14
LIHTC development and administration of federal rental assistance in the City of Santa Fe, for
15
development of the Housing Prqject in accordance with City ordinances and state law, including
16
conformance with the City's Strategic Housing Plan and the City's Affordable Housing Trust Fund
17
ordinance (§26-3 SFCC 1987) adopted in conformance with the Act; and
18
WHEREAS, in addition to the value of the donated land, the City intends to contribute
19
additional financial donations in the form of waivers of City impact fees, development water budget
20
fees, development application fees, plan review fees, construction permit fees, water and waste water
21
utility expansion charges and other valuable incentives to a Developer for development of the Housing
22
Project; and
23
WHEREAS, the City intends that the total of all City contributions to the Housing Project will
24
constitute at least ten percent ( 10%) of the Housing Project's development costs in order to ensure the
25
most competitive LIHTC application for the Housing Project; and
2
4
1
WHEREAS, the City intends that its donated contributions shall constitute a direct grant to the
2
Housing Project su~ject to successful award of low-income housing tax credits and to the terms of a
3
land use regulatory agreement requiring and affordability period of forty-five ( 45) years running
4
concurrently with requirements imposed by the New Mexico Mottgage Finance Authority (NMMFA);
5 6
7 8
9
10 11
land
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF SANTA FE that City staff is directed to: (I)
Obtain, process, and record survey plat(s) necessary to establish a legal lot of record
for future transfer of the Propetty to a Developer contingent on the Developer successfully obtaining award of low-income housing tax credits within one of next two NMMFA application cycles; and
(2)
Prepare and submit to the City's Planning Commission and the Governing Body
12
concun-ent applications for: a) General Plan Future Land Use Map Amendment to change the
13
designation of the Property from "Parks" to "Residential (12-29 Dwellings per Acre)" and, b) rezoning
14
of the Property from R-1 to R-21; and
15
(3)
Identify a Developer that is a qualified grantee, as defined by the New Mexico
16
Affordable Housing Act (the AcJ;), with a proven record of successful LIHTC development and
17
administration of federal rental assistance in the City of Santa Fe, and assist the Developer with their
18
LIHTC application to the NMMFA for the Housing Project as required, including, if necessary and at
19
the appropriate time, preparation and submittal of a requisite City of Santa Fe Resolution to the
20
Governing Body and other donation documentation required to satisfy NMMF A requirements
21
necessruy to award low-income hoLL
