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Date
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June 22,
2009
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Agenda
Item No. 26 Roll
Call No. 09- Communication No. 09-422 Submitted by: Larry Hulse, Community Development
Director |
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AGENDA
HEADING:
Resolution Approving The Notice To The Public And
Request For The Release Of Funds From The Iowa Department Of Economic
Development (IDED) For Funds From The Low Income Housing Tax Credit Fund For
The Homes Of Oakridge, Phase II Project.
SYNOPSIS:
The Request of Release of Funds from the Iowa
Economic Development Department for Phase II of the Homes of Oakridge
Rehabilitation Project. This is a
Low Income Housing Tax Credit Project to rehabilitate 150 units of existing low
income housing.
FISCAL
IMPACT:
Amount: $816,000
Funding Source: Iowa Department of Economic
Development (IDED) HOME Funds.
ADDITIONAL
INFORMATION:
Homes of Oakridge, Phase II is an existing HUD
Section 8 apartment project located at 926 Oakridge Drive, Des Moines, IA
50314. It was constructed in 1970 with
150 units to serve low-income families. The apartment units are situated on a
9.14 acre site in 17 2-story buildings. All
buildings on site will have moderate exterior renovation to include repair
and/or replacement of siding, paint, roofing, brick veneer, some windows and
doors, sidewalks, parking lots, landscaping, site lights and security
improvements. Interior renovations will
include general repair and/or replacement of drywall, base/case & trim,
insulation, plumbing, & electrical improvements, asbestos remediation and
encapsulation and radon remediation, as needed. Additionally, remodeling will include
handicapped accessibility conversion on some units. The total estimated funding for this project
is 15.4 million dollars.
PREVIOUS
COUNCIL ACTION(S):
Date: 12/08/2008
Roll
Call Number: 08-2130
Action: Support
of Low Income Housing Tax Credit application for the rehabilitation of 150
units of low-income family housing at the Homes of Oakridge, Phase 1, and
authorization to negotiate a home loan up to $250,000. (Council
Communication No. 08-719) Moved by Vlassis to
adopt. Motion Carried 7-0.
BOARD/COMMISSION
ACTION(S): NONE
ANTICIPATED
ACTIONS AND FUTURE COMMITMENTS:
Release of Funding by IDED for Phase II completion
of project.
For more information on this and other agenda items,
please call the City Clerk’s Office at 515-283-4209 or visit the Clerk’s Office
on the second floor of City Hall,