City Council

8. BUDGET APPROPRIATION FOR THE CHAPEL AVENUE AFFORDABLE HOUSING\nPROJECT – F2M20-71, M2M23-56\n4\n4-24-23\nOn January 31, 2022, the City entered into a Disposition and Development Agreement\n(“DDA”) for the construction of an affordable housing project on a surface parking lot\nadjacent to the City-owned parking structure on Chapel Avenue. The project proposes to\nbuild 44 affordable housing units on site. On February 27, 2023, the City Council\nauthorized the City Manager to execute an amended and restated DDA with Chapel\nHousing Partners, L.P., as well as, various project implementing documents. On March 9,\n2023, the City Manager executed an amended and restated DDA and various documents.\nAs the closing date approaches, Chapel Housing Partners, L.P. will be required to draw\nfunds from the Housing Asset Fund Account. Staff is requesting an appropriation of\n$4,500,000.00 from the Housing Asset Fund. There is sufficient funding from the Housing\nAsset Fund balance to cover the cost.\nRecommended Action: City Council approve a budget appropriation for the Chapel\naffordable housing project; and, direct staff to undertake the steps necessary to finalize\nthe Council’s action. (M2M23-56)