Title:
A Resolution Authorizing Transfer of Property to Greccio Housing Unlimited, Inc.
Presenter:
Steve Posey, HUD Program Administrator, Community Development Division
Body
Summary:
The attached resolution will authorize the Real Estate Services Manager to execute all documents necessary to transfer the property located at 4921 Templeton Gap Rd to Greccio Housing Unlimited, Inc. for the purpose of developing affordable housing restricted to low- to moderate-income households.
Previous Council Action:
City Council Resolution 183-12
Background:
The City of Colorado Springs is a US Department of Housing and Urban Development (HUD) entitlement community grantee and receives allocations of federal block grant funds under the Community Development Block Grant Program (CDBG), Home Investment Partnerships Program (HOME) and Emergency Solutions Grant (ESG). One of the purposes of the grant funds is to benefit low- and moderate- income residents of Colorado Springs by encouraging the development, improvement, and preservation of affordable housing.
Timeline and Process:
The Colorado Housing Finance Authority (CHFA) receives applications for low-income housing tax credit reservations each year on June 1. Greccio Housing Unlimited, in partnership with the Medici Group, intends to submit an application to CHFA on or before June 1, 2018. The application will request a reservation of tax credit financing that will be used to develop approximately 50 units of rental housing restricted to low- to moderate-income households. In order for the application to be considered, Greccio must demonstrate that it has site control of a suitable parcel of land for the project.
The parcel located at 4921 Templeton Gap Road was donated to the City of Colorado Springs in December, 2012. The parcel consists of 1.14 acres of vacant land located at the corner of Templeton Gap and Austin Bluffs in a predominantly residential neighborhood. The current zoning of the property is C-6 ...
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