Explanation
This legislation will allow the Director of the Department of Development to enter into a Housing Development Agreement with Community Development for All People (CD4AP) for the Dering Family Apartments development, which will ultimately be funded with $2,000,000.00 from a future Capital Budget, Affordable Housing Bond. Once funds become available, an ordinance will be brought to Council to authorize a grant agreement.
Dering Family Apartments will sit on two parcels - one is a vacant field at 98 Dering, and one is currently the site of The Rice Bowl Restaurant, which will be 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 mailroom for all residents, as well as 380 parking spots.
Additionally, because this development is right 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, healthcare facilities, shopping centers, schools, and parks. New commercial, single-family, and multi-family market rate developments have 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. It will also feature approximately 6,000 square feet of commercial space that will serve as a childcare facility open to the broader community that will be operated by Sprout Five, or Southside Early Children’s Learning Center. Sprout Five has a...
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