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|Chairman Linda W. Cropp, at the Request of the
District of Columbia Housing Finance Agency
A PROPOSED RESOLUTION IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
To approve the District of Columbia Housing Finance Agency's Proposal for the Fairmont I and II Apartments
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, that this resolution may be cited as the "District of Columbia Housing Finance Agency Fairmont I and II Mortgage Revenue Bonds Resolution of 2001".
Sec. 2. Pursuant to Section 207 of the District of Columbia Housing Finance Agency Act, as amended (D.C. Law 2-135, D.C. Code § 45-2117), the Council of the District of Columbia approves the District of Columbia Housing Finance Agency's proposal for issuance of its not to exceed $ 19,360,000 Multi-Family Housing Revenue Bonds, in connection with the acquisition and rehabilitation of the Fairmont I and II Apartments located at 1400 and 1401 Fairmont Street, N.W., in Ward 1 where such financing has been determined by the District of Columbia Housing Finance Agency to be a housing undertaking that meets the requirements of the District of Columbia Housing Finance Agency Act, D.C. Law 2-135, as amended (D.C. Code § 45-2101 et seq., by enactment of an eligibility resolution dated January 30, 2001).
Sec. 3. The Council of the District of Columbia shall transmit a copy of this resolution, upon its adoption, to the Executive Director of the District of Columbia Housing Finance Agency.
Sec. 4. This resolution shall take effect immediately.
DCHFA Resolution No. 200102 Fairmont I and II Apartments Eligibility Resolution
DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY RESOLUTION AS TO THE ELIGIBILITY OF THE FAIRMONT I AND II APARTMENTS FOR TAX-EXEMPT/TAXABLE MORTGAGE REVENUE BONE) FINANCING
WHEREAS, the District of Columbia Housing Finance Agency (the "Agency") received a request on December 15, 2000 from the Fairmont I and II Tenants Association (the "Applicant") that the Agency provide acquisition and rehabilitation financing for the Fairmont I and II Apartments, 2 five story apartment buildings located at 1400 and 1401 Fairmont Street, N.W., Ward 1. The project will consist of One Hundred Seventy-seven (177) units, of 80 one-bedroom, 72 two-bedroom and 25 three-bedroom units (the "Project");
WHEREAS, the Agency has conducted a preliminary review of the request for financing of the Project in order to determine, among other things, that the Project, and the financing requested therefore, comply with the requirements of the District of Columbia Housing Finance Agency Act, D.C. Law 2-135, as amended, D.C. Code § 45-2101 et seq. (the "Act");
WHEREAS, the Agency Staff recommends the issuance of its Tax-Exempt and Taxable Multi-Family Revenue Bonds in an amount not to exceed $19,360,000 on behalf of the Applicant or an affiliate or related entity to be formed (the "Sponsor");
WHEREAS, providing the financing requested for the Project will confer a public benefit and serve the public interest by lowering the cost of and expanding available housing opportunities for low and moderate income residents of the District, all in accordance with and in furtherance of the purposes of the Act in the following manner:
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the District of Columbia Housing Finance Agency:
ADOPTED ON JANUARY 30, 2001 AT A SPECIAL MEETING OF THE BOARD OF DIRECTORS.
ROLL CALL VOTE:
Rosalyn P. Doggett: Approved
Zoreana Barnes, Acting Secretary to the Board
|Unit Type||Sq. Ft. (Current)||# of Units (Current)||Sq. Ft. (Proposed)||# of Units (Proposed|
Please see attachment for proposed detailed scope of work.
Rent Levels/Market Feasibility- The current and proposed rent levels are illustrated in the following chart:
|Sq. Ft.||# of Units||Current Rent/Mo.||Current Rent/Yr.||Sq. Ft.||# of Units||Proposed Rent/Mo.||Proposed Rent/Yr.|
Financing Structure- The developer proposes to issue roughly $16.1 million in tax-exempt and taxable bonds, combined with $8.4 million in tax credit equity for acquisition and rehabilitation costs. The projected total development cost is $26.2 million, which includes $1.6 million in deferred developer's fee.
Neighborhood Impact - The Project will prevent potential displacement of low-income residents and, with the creation of a limited-equity cooperative, will create ownership opportunities for current residents. It is anticipated that no resident will be permanently displaced from the property involuntarily. The reduction from 218 to 177 units is expected to be addressed from current vacancies in the property and vacancies created by residents wishing to live elsewhere. The developer has proposed a relocation plan that will temporarily relocate residents within the property as rehabilitation and unit reconfiguration occurs. Vacant units will be renovated in one wing of the buildings one at a time and current residents will be moved to units in other wings temporarily and then moved back once renovation is completed.
As evidence of local support, the Fairmont I and II Tenants Association has received a letter of support from Jim Graham, Councilmember for Ward 1.
|Project Type:||Acquisition/Substantial Rehabilitation|
|Project Name:||Fairmont Apartments I and II|
|Location:||14th and Fairmont Street, NW|
|Evidence of Site Control:||Tenants exercised First Right of Refusal option.|
|General Contractor:||Monarc Construction, Inc.|
|Architect:||Edward M. Johnson & Associates, P.C.|
|Management Agent:||Realty Management Associates, Inc.|
|Attorney:||Wilmer, Cutler, & Pickering|
|Bond Issue:||Tax-Exempt and Taxable Private Activity Bonds|
|# of Buildings:||2|
|# of Units||177|
|Zoning:||R-5B Moderate Density Residential, C-2 Commercial|
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