Laserfiche WebLink
<br />.' <br /> <br />The Commission discussed different types of credits and the issue of whether credits for <br />producing rental units should be equivalent to credits for producing ownership units. <br /> <br />Mark Sweeney stated that Ponderosa originally approached BRIDGE Housing <br />Corporation about developing the project. However, BRIDGE wanted $7 million in <br />order to take over development of the site. <br /> <br />Chairperson Wiest clarified that the City Council will have the ultimate determination <br />regarding whether or not to approve the proposed credits. <br /> <br />The Commission discussed the matter at length. Commissioner Stark asked Mr. Sweeney <br />about the components of review considered by CDLAC in the tax credit process. Mr. <br />Sweeney replied that they received the maximum points in most of the areas such as <br />transportation and services. However, they were not able to receive any of the 20 points <br />related to location within a redevelopment area since that criterion does not apply to their <br />project. Therefore, the only way to increase points was to seek to maximize the level of <br />affordability and attain a11 of the 35 points possible for that category. He further noted <br />that Ponderosa, like other applicants, is motivated by the pending requirement to pay <br />prevailing wage on all future tax credit projects after the new year. <br /> <br />In response to a question from Commissioner Stark, Mr. Sweeney stated that ifperrnitted, <br />Ponderosa would probably seek to apply any approved affordable housing credits on a <br />future single-family project since that is their primary development focus. <br /> <br />A motion was made by Commissioner Harris, seconded by Commissioner <br />Schwaegerle, to reiterate the Housing Commission's prior action in approving the <br />modification to the affordable honsing agreement for the Busch property and <br />making the approval of credits for producing surplus affordable units subject to <br />approval by the City Council under the existing guidelines of the Inclusionary <br />Zoning Ordinance. The motion passed nnanimously. <br /> <br />June 2003 He Minul<s 8A.doclSFE <br />1011 Sl03 It:23 AM <br /> <br />Page - 2 - <br />