Laserfiche WebLink
As a way of background, Civic Square Apartments was built and opened in 1987 and the 262 <br /> unit complex has been continuously owned and operated by Braddock and Logan since that <br /> time. The project was originally approved under an exemption to the City's Growth <br /> Management Program that gave a priority to projects that agreed to provide a percentage of their <br /> apartment units at below- market rents. The City regulatory agreement for Civic Square <br /> Apartments required that 25% of the total units in the project, or 66 units, be rented at rates <br /> affordable to low income households (80% or less of the Area Median Income). The agreement <br /> originally had a 15 -year term (i.e., through 2001); however, the term was extended to 2010 by <br /> the City in 1994 when the developer refinanced the bonds for the project. However, the revised <br /> regulatory agreement also included a clause for earlier termination if the developer paid off the <br /> bonds, which occurred in 2007. <br /> Discussion <br /> In an effort to reach agreement on affordability and to recognize the benefits that the <br /> development will bring to affordable housing in the Downtown, staff had a number of <br /> discussions with the developer and decided on the following affordability consistent with the <br /> IZO: <br /> 5 units at low (80 Area Median Income ($57,120 annual income for two person household <br /> 31Units at moderate income (120 ($85,750 annual income for two person household <br /> In return for the providing this affordability, the City Council will consider benefits for the <br /> developer, including the increased project density. While the City has had some success with <br /> obtaining affordability for lower income categories in other projects, considering the terms of <br /> the previous affordable housing agreements, the development's long history of providing <br /> affordability and some legal uncertainty regarding the City's ability to mandate affordability, <br /> staff is recommending approval of the amended agreement. <br /> Staff Recommendation <br /> Approve the recommended affordable housing agreement, consistent with the City's IZO. <br /> Page 2 <br />