Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with Community Development for All People (CD4AP) for development of 245 apartments in an amount up to $2,000,000.00. Community Development for All People will enter into a grant agreement with the city for the bond funds as a pass-through entity. Dering Family Homes Owner LLC is the ownership entity of the project with CD4AP being one of the managing members. Approval is also requested for reimbursement of construction expenses incurred prior to execution of the purchase order, starting January 1, 2023.
Dering Family Apartments will sit on two parcels - one is a vacant field at 98 Dering, and one is the former site of The Rice Bowl Restaurant, which has been demolished for the purpose of this development. The development will consist of 245 one-, two-, three-, and four-bedroom apartment units in three 4-story buildings. These apartments will be affordable to individuals and families making between 30% and 80% of the Area Median Income. The development will also have amenities including a fitness center, business center, playground, leasing office, and mail room for all residents, as well as 380 parking spots.
Additionally, because this development is on the South High Corridor, residents will have easy access to public transit that can take them to a number of important nearby amenities including groceries, health care facilities, shopping centers, schools, and parks. New commercial, single-family, and multi-family market rate development has been moving down South High Street for several years. As new development moves South, it is vital that new affordable housing units be produced to ensure long-term affordability in the neighborhood.
Dering Family Apartments will be more than just an affordable housing community and will create tremendous value to the larger Far South community. The NRP Group and CD4AP are both co-developers a...
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