6103742 Resolution 21-502, Portner Flats Mortgage Revenue Bond Financing Approval Resolution of 2016

A RESOLUTION

                                                        

21-502

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

June 7, 2016        

 

                                                                                                                                             

To approve HFA21-0018, the District of Columbia Housing Finance Agency Second Amended Resolution As To The Eligibility Of Portner Flats For Tax-Exempt And/Or Taxable Multifamily Housing Mortgage Revenue Bond Financing, which would increase the not-to-exceed amount of tax-exempt and/or taxable multifamily housing mortgage revenue bond financing for the Portner Flats project to $30 million.

 

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “Portner Flats Mortgage Revenue Bond Financing Approval Resolution of 2016”.

 

            Sec. 2. The Council finds that:

(1) Portner Flats, located in the 1400 block of U and V Streets, N.W., is in a rapidly gentrifying area where affordable housing is at a premium.

(2) With bonds, the development team will double the number of affordable units in a highly walkable neighborhood that is rapidly losing affordable units for working families.

(3) The original 2- and 3-bedroom units of Portner Place will be replicated in the new Portner Flats with 36 2-bedroom units and 12 3-bedroom units with Section 8 subsidy within the new 96-unit affordable building Portner Flats.

(4) Amenity spaces in the new building have been designed to meet the residents’ needs and the developer’s commitment to provide community spaces for an after-school program, playground, computer lab, community garden, and fitness center.

(5) The developer has committed to set up an endowment fund to sustain resident services. 

(6) The Council has passively approved 2 previous financing resolutions from the District of Columbia Housing Finance Agency for this project.

 

Sec. 3.  Pursuant to section 207 of the District of Columbia Housing Finance Agency Act, effective October 5, 1985 (D.C. Law 6-44; D.C. Official Code § 42-2702.07), the District of Columbia Housing Finance Agency transmitted to the Council on May 13, 2016, HFA 21-18, the District of Columbia Housing Finance Agency Second Amended Resolution As To The Eligibility of  Portner Flans For Tax-Exempt And/Or Taxable Multifamily Housing Mortgage Revenue Bond Financing, which provided notice of the Board of Directors of the District of Columbia Housing Finance Agency’s proposal to issue revenue bond financing in a not-to-exceed amount of $30 million for the Porter Flats project. The Council approves the proposed revenue bond financing. 

 

            Sec. 4. Transmittal.

             The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor and the District of Columbia Housing Finance Agency.

 

Sec. 5. Fiscal impact statement.

The Council adopts the fiscal impact statement of the Budget Director as the fiscal impact statement required by section 4a of the General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).

 

            Sec. 6. Effective date.

This resolution shall take effect immediately.