Title
Proposed Low Income Housing Agreement for the 9th Street Apartments Rehabilitation and Affordable Housing Project
Recommended Action
I move that the County Council approve the Low Income Housing Agreement for the 9th Street Affordable Housing Project. I further move to authorize the County Manager to sign this agreement and take all necessary actions for its execution.
County Manager's Recommendation
The County Manager recommends that Council approve the Low Income Housing Agreement for the 9th Street Affordable Housing Project as requested.
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.
On March 11, 2025, at a regular County Council meeting, staff presented the outline and general terms proposed for this agreement and directed staff to proceed.
The final Agreement, as presented, outlines the terms of the partnership with 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 partnership is to rehabilitate some of the units and ensure long-term affordability for residents with County participation through the Low Income Housing Agreement ("the Agreement").
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...
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