Title
Proposed 9th Street Apartments Rehabilitation and Affordable Housing Project Overview and Proposed Term Sheet
Body
Los Alamos County ("County") is committed to preserving and rehabilitating housing options for all its residents. The County is authorized to provide housing assistance grants pursuant to Chapter 14 of the Los Alamos County Code of Ordinances and the Affordable Housing Act.
In September 2024, the County adopted an amended Affordable Housing Plan ("the Plan") to address the current housing market needs. The Plan recommends utilizing Public-Private Partnerships and deed restrictions to preserve and create permanently affordable housing.
This presentation outlines the broad terms of a partnership proposed by a private developer ("Developer"), the 9th Street, LLC, who is purchasing the Aspen Studio and Thunderbird apartments located at 1027 and 1203 9th Street and 1211 11th Street (collectively known as "the Project") and comprised of 87 studio apartments. The goal of the proposed partnership aims to rehabilitate these properties and ensure long-term affordability for residents with County participation through an Affordable Housing Rehabilitation and Participation Agreement ("the Agreement") should the Council direct staff to proceed.
Project Overview
The Developer proposes a public-private partnership to rehabilitate approximately 25-percent of the Project's 87 studio apartment units and deed restrict all 87 units for twenty (20) years, ensuring affordability for households at or below 45% of the Area Median Income (AMI). This Project aligns with the County's Affordable Housing Plan and the Council's goals to provide diverse housing options for low- and moderate-income households.
A thriving community requires a range of housing options affordable to essential workers, including teachers, construction workers, and those employed in the retail and service sectors that support local businesses. Currently, Los Alamos faces a significant shortag...
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