Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a grant agreement with Olde Towne Investors LLC for the Triumph Apartments development.
Triumph Apartments is located at the corner of Oak and 18th in the City’s Olde Towne East area. The development is mixed income, with six 60% AMI units, thirteen 80% AMI units and at least thirteen or more units affordable to 100% AMI with the units remaining affordable for fifteen years.
Units are spacious and modern - including stainless steel appliances, ample closets, granite counters, plank flooring and LED lighting throughout. All units are of the same finish regardless on rent or income level. The project also provides and encourages mix-used growth, including inclusion of over 2700 square feet of ground floor retail.
The amenity space includes a resident lounge, onsite fitness facility, and outdoor community courtyard. The project features onsite property management and maintenance spaces; special features include a valet trash service program and 109 general resident spaces within the enclosed garage, 17 additional individual rentable garages, and over 140 surface spaces.
Metropolitan Holdings, general partner of Olde Towne Investors LLC, is additionally pleased that it continues to be a pioneer in housing concepts, and is working toward a formal relationship with IMPACT Community Action. This relationship provides for formal referral and preferred placement of qualified households into the proposed affordable housing units. This ensures that those who need the housing the most also have immediate access to vacant units once they are available for lease.
IMPACT Community Action Agency has existing Vocational Training and Certification Programs providing a mixture of classroom instruction and hands on work to help prepare participants for the construction field trades. Additionally, they offer supportive services and programming that can help Tenant liv...
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