Download AHAC Minutes 2-04-2010.pdf

Contents : Affordable Housing Advisory Committee Minutes February 4 2010 Members in attendance: Patricia Arnaudo Amy Susskind Carter Fleming Bill Harris Herb Cooper-Levy Rick Liu Mildrilyn Davis Jack Corrado Laura Lantzy Sonya Sacks Members absent: Michelle L Heureux Amy Rose Michael Caison Bob Kaufman Housing Staff Present: Helen McIlvaine Eric Keeler Guests: Doug Owens ARHA Jim Pritchett AHDC Cathy Puskar Walsh Colucci Land Use Counsel for Post Properties Bill Cartwright Post Properties The regular Meeting of the Affordable Housing Advisory Committee was held in Room 2000 of the Alexandria City Hall and called to order at 7:08 PM by Acting Chair Bill Harris. Sonya Sacks a new member representing a Faith Community was introduced to the group. Lacking a quorum at the start of the meeting minutes of January 7 meeting were approved as a committee of the whole. 2. Funding Request for AHDC FY 2011 budget Mildrilyn Davis requested that the Committee approve a $200 000 allocation for the FY 2011 annual operating budget of the Alexandria Housing Development Corporation (AHDC) from the Housing Opportunities Fund. She explained that the City was responsible for the creation of AHDC and agreed to fund the organization until it becomes self-sufficient. The orginal goal was for it to achieve self-sufficiency in 5-7 years to date the city has funded AHDC for six years. She anticipates that the requirement for City operating support will decrease as AHDC realizes development fee revenue from its Low Income Housing Tax Credit (LIHTC) funded project The Station at Potomac Yard. She acknowledged that this request was presented on short notice to the Committee and the City budget is not formally voted on until May so there is ample time to comment. She mentioned that a separate meeting to discuss City budgetary issues and their impact on Housing can be provided if the Committee desires after the City Manager presents the proposed budget later in February. Jim Pritchett Executive Director of AHDC presented a status update on the AHDC budget and the organization s projects. He mentioned that the AHDC budget has remained relatively flat over the past few years and has not experienced any surges in operating expenses although it recently hired him as a full time executive director. Over time AHDC will obtain development fee revenue from The Station at Potomac Yard. The affordable units are all occupied the workforce units are still being leased up. Herb Cooper-Levy asked when the developer fee would be received. Jim answered the developer fee was mostly back-ended and its timing was contingent on certain milestones related to receiving an 8609 (confirmation that tax credit eligible costs have been certified) from VHDA achieving full occupancy (stabilization) and maintaining a debt coverage ratio of 1.15 during for a twelve month period. Jim mentioned that the developer fee was about 50% earned by AHDC although it would not be received until later since much of the fee had been used to cover other project costs. He estimated that AHDC would not see developer fee revenues in FY 2011. Laura Lantzy and Herb asked whether AHDC was also rehabilitating foreclosed homes and whether they were receiving fees from them. Jim answered that through a collaboration with the City and Rebuilding Together Alexandria AHDC had purchased rehabbed and resold a foreclosed home to an income eligible first time homebuyer under the Neighborhood Stabilization Program. They are working on finding more opportunities however AHDC does not receive fees beyond its costs from these transactions. Herb moved and Patricia Arnaudo seconded to delay voting on the $200 000 allocation until the full budget details are received. The motion passed with Jack Corrado and Bill Harris abstaining. 3. Consideration of Affordable Housing Plan for Block O of Carlyle Development Cathy Puskar land use counsel for Post Properties presented an affordable housing proposal for Block O of the Carlyle Development. Due to the slow leasing market for retail space in the area Post Properties is requesting to convert the planned retail space in the 2006 approved plan on Block O into residential use. Because there is sufficient unused residential development FAR still available to Post bonus density is not required however the developer has offered to provide 6 units of affordable housing as a substitute for the community benefit to have been realized through the retail space. Cathy mentioned that half of the former retail space is slated to be affordable units (approximately 6 000 SF) and the other half will be used for market rate rental units. Patricia asked whether voucher holders will be informed about these units. Mildrilyn said that they will as there is a waiting list of eligible voucher holders who sign up with the City to get such notices. Bill Harris moved and Amy Susskind seconded to approve the proposal. The motion passed unanimously. 4.

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