6135364 Resolution 21-574, Emory Beacon Center Mortgage Revenue Bond Financing Approval Emergency Declaration Resolution of 2016

A RESOLUTION

                                                        

21-574

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

July 12, 2016        

 

 

To declare the existence of an emergency with respect to the need to approve HFA21-0020, the District of Columbia Housing Finance Agency Amended Eligibility Resolution as to the Eligibility of the Beacon Center for Tax -Exempt and/or Taxable Multifamily Housing Mortgage Revenue Bond Financing, to increase the not-to-exceed amount of tax-exempt or taxable multifamily housing mortgage revenue for the Emory Beacon of Light project to $26 million.

 

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “Emory Beacon Center Mortgage Revenue Bond Financing Approval Emergency Declaration Resolution of 2016”.

 

Sec. 2.  (a) Emory Beacon of Light, Inc., is developing the Emory Beacon Center, at 6100 Georgia Avenue, N.W., in Ward 4, to expand the affordable housing opportunities in the District for low-income and moderate-income residents.

(b) The District of Columbia Housing Finance Agency (“HFA”) has submitted an amended eligibility resolution for the bonds (HFA21-20) that will assist the development team in acquiring and constructing the Emory Beacon Center.

(c) The Council passively approved a previous financing resolution submitted by the HFA for this project (HFA20-15) in an amount not to exceed $20,760,000.

(d) The amended eligibility resolution is necessary to reflect the HFA’s increase in bond financing available to Emory Beacon of Light, Inc., from $20,760,000 to $26,000,000.

(e) The Emory Beacon Center is a mixed-use project that will include 100% of the residential rental units set aside for low-income and moderate-income households.  The project also includes retail space to support the community economic development under the Georgia Avenue Great Streets Redevelopment Plan.

 (f) The current submission will be passively approved by the Council in October, 2016, a month after Emory Beacon of Light, Inc., is planning on closing on the property.  That delay has the potential of lengthening the development timeline for the project.  The increased costs associated with these issues could represent a significant economic hardship for the church.

(g) To prevent an unintended delay in the development of this project, the Council must approve the submission on an emergency basis.

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 Emory Beacon Center Mortgage Revenue Bond Financing Emergency Approval Resolution of 2016 be adopted on an emergency basis.

 

Sec. 4. This resolution shall take effect immediately.