4290133 Resolution 20-99, “Deputy Mayor for Planning and Economic Development Limited Grant-Making Authority Emergency Declaration Resolution of 2013”

A RESOLUTION

 

     20-99 

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

       April 9, 2013

 

 

To declare the existence of an emergency with the respect to the need to amend the Deputy Mayor for Planning and Economic Development Limited Grant-Making Authority Act of 2012 to require the Deputy Mayor for Planning and Economic Development to issue a loan in the amount of $800,000 to support an affordable housing project in Ward 7.

 

 

            RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “Deputy Mayor for Planning and Economic Development Limited Grant-Making Authority Emergency Declaration Resolution of 2013”.

 

            Sec. 2.  (a)  There exists an immediate need to approve the Economic Development Limited Grant-Making Authority Emergency Amendment Act of 2013 to require the Deputy Mayor for Planning and Economic Development (“Deputy Mayor”) to issue a loan in the amount of $800,000 to support an affordable housing project in Ward 7, including 100% affordable housing units supporting former Lincoln Heights residents.

            (b)  Section 2032 of the Deputy Mayor for Planning and Economic Development Limited Grant-Making Authority Act of 2012, effective September 20, 2102 (D.C. Law 19-168; D.C. Official Code § 1-328.04) (“2012 Act”), included a provision authorizing the Deputy Mayor to make a grant in the amount of $800,000 to the mixed-used development known as 4800 Nannie Helen Burroughs Avenue, N.E., in Ward 7, in order to make the affordable housing project viable.

               (c)  It was later discovered that if the project were to receive the $800,000 grant, it

would no longer be eligible for certain tax credits and there would be a great tax penalty imposed

upon the project.

               (d)  A loan in the amount of $800,000 will allow the project to move forward

without further delays or financial duress.

               (e)  This emergency changes the language of the 2012 Act by simply changing the

original grant to a loan and will serve the same purpose of assisting a mixed-use project that will provide 70 units of affordable housing to the Deanwood community of Ward 7.

Sec. 3.  The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the Deputy Mayor for Planning and Economic Development Limited Grant-Making Authority Emergency Amendment Act of 2013 be adopted after a single reading.

 

Sec. 4.  This resolution shall take effect immediately.