Title
Introduction of Incorporated County of Los Alamos Ordinance No. 690, An Ordinance Authorizing the Donation of County-Owned Land Being Tract A-8-b at 135 DP Road to Bethel Development, Inc. Conditional to County Approval of Affordable Housing Project “The Bluffs”
Recommended Action
I Introduce, without prejudice, Incorporated County Of Los Alamos Ordinance No. 690, An Ordinance Authorizing Donation of County-Owned Land Being Tract A-8-b at 135 DP Road to Bethel Development, Inc. Conditional to County Approval of Affordable Housing Project “The Bluffs”
County Manager's Recommendation
The County Manager recommends that Council introduce the ordinance as presented.
Body
Application for Affordable Housing Project “The Bluffs”
The proposed project is for the construction of 64 affordable rental apartments on the County-owned property located at 135 DP Road, also known as A-8-b. The developer, Bethel Development, Inc., requests the County’s participation in the project, initially by supporting an application to the New Mexico Mortgage Finance Authority ("MFA") for Low Income Housing Tax Credits (LIHTC), which if awarded would provide the majority of financing equity for the project construction. If the project is awarded tax credits from MFA, the County’s participation would involve the donation of a 2.4 acre portion of the A-8-b parcel as well as a financial contribution toward off-site and on-site infrastructure costs.
Upon review of the project application and an Eligible Entity application submitted by Bethel, CDD staff have determined that Bethel meets all of the County’s requirements as defined under County Code Chapter 14, Article VII for an affordable housing project, and also that the proposed project meets the affordable housing goals of County Council, specifically Promote the creation of a variety of housing options for all segments of the Los Alamos Community.
If awarded, the Bluffs would be Bethel's second affordable housi...
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