116761
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RESOLUTION NO. 11,676
3 A RESOLUTION TO AUTHORIZE THE MAYOR TO ISSUE A
4 LETTER OF SUPPORT TO THE ARKANSAS DEVELOPMENT
5 FINANCE AUTHORITY FOR A SIXTY (60) UNIT DESIGNATED
6 ELDERLY CITIZENS MIXED - INCOME HOUSING COMPLEX
7 LOCATED ON GILLIAM PARK ROAD, IN THE CITY OF
8 LITTLE ROCK, ARKANSAS; AND FOR OTHER PURPOSES.
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10 WHEREAS, a proposed project has been submitted for the construction of a 60-
11 unit designated elderly citizens mixed - income housing complex to be called Homes at
12 Granite Mountain Phase II Apartments and located on Gilliam Park Road, and has been
13 reviewed in accordance with the City's process, and
14 WHEREAS, the project is to be financed through tax - exempt bonds issued by
15 the Arkansas Development Finance Authority, which has requested a letter of support
16 from the Mayor before the project can be approved for tax - exempt bond financing with
17 tax credits.
18 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
19 THE CITY OF LITTLE ROCK, ARKANSAS:
20 Section 1. The Board of Directors hereby authorizes the Mayor to issue a letter
21 of support for the construction of a 60 -unit designated elderly citizens mixed- income
22 housing complex called Homes at Granite Mountain Phase II Apartments, to be located
23 on Gilliam Park Road, through tax - exempt bonds issued by the Arkansas Development
24 Finance Authority.
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[PAGE 1 OF 2]
Resolution
To authorize letter of support to ADFA for
Homes at Granite Mountain phase 11
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Section 2. Severability. In the event any title, section, paragraph, item, sentence,
clause, phrase, or word of this resolution is declared or adjudged to be invalid or
unconstitutional, such declaration or adjudication shall not affect the remaining
portions of the resolution which shall remain in full force and effect as if the portion so
declared or adjudged invalid or unconstitutional was not originally a part of the
resolution.
Section 3. Repealer. All. laws, ordinances, resolutions, or parts of the same, that
are inconsistent with the provisions of this resolution, are hereby repealed to the extent
of such inconsistency.
Section 4. This resolution shall be in full force and effect from and after its
adoption.
ADOPTED: February 3, 2004
ATTEST:
Nab yy Woo City Clerk �—
APPROVED AS TO FORM:
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21 Thomas M. Carpenter, Citylkttorney
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[PAGE 2 OF 21
Resolution
To authorize letter of support to ADFA for
Homes at Granite Mountain Phase 11
APPROVED:
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Jim D ley, Mayor
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• • dam,- 197- 7
kMfi 3RT1 -QFTHE CITY OF LITTLE ROCK
1000
January 27, 2004
Mayor Jim Dailey
City Hall
500 West Markham
Little Rock, AR 72202
RE.- Low Income Housing Tax Credit Application for Homes at Granite Mountain
Dear Mayor Dailey:
The Board of the Little Rock Housing Authority and its development partner, Little Rock
Housing Redevelopment, Inc., are planning on developing Homes at Granite Mountain Phase 11
Apartments. Phase II will be a 60 unit designated elderly mixed income housing complex built
on approximately 7 acres of the old Booker Homes public housing site. This site is across the
street from Homes at Granite Mountain, a successful 52 unit mixed income family site developed
by LRHR.
We are requesting a letter of support from the City for our Low Income Housing Tax Credit
application that we will be submitting to the Arkansas Development.Finance Authority.
Sincerely,
0.4
L. Lee Jones
Executive Director
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HOMES AT GRANITE MOUNTAIN PHASE II
A. NARRATIVE DESCRIPTION
The Little Rock Housing Authority has selected Little Rock Housing Redevelopment,
Inc., a not for profit identity of interest corporation of the Housing Authority to be
developer of Homes at Granite Mountain Phase 11. Phase 11 will be a 60 unit mixed
income designated elderly housing complex. Phase 11 will be built on approximately 7
acres of the old Booker Homes public housing site. This site is across the street from
Homes at Granite Mountain, a successful 52 unit mixed income family site developed by
LRHR that leased up quickly and has maintained a high occupancy rate.
The development partnership will own the improvements that will consist of 60 one story
semi- detached apartments including 46 one - bedroom units and 14 two-bedroom units.
All 60 new units will be LIHTC with 32 unit's set -aside for public housing eligible
households. HUD Replacement Housing Factor Funds of approximately $2,562,564 will
be used to construct the 32 public housing units, pay for site preparation, LRHA overhead
B. FUNDING SOURCES & AMOUNTS
The Housing Authority of the City of Little Rock will provide HUD Replacement
Housing Factor Funds as a junior lender, and execute a long -term land lease with the
development partnership that includes a non - foreclosable land use restriction. Public
housing seniors will pay 30% of their household income towards rent and utilities and the
Authority will provide monthly rental subsidy for the "public housing units ".
The RHF substantial leverage requirement will be meet by utilization of LIHTC for
construction of the tax credit units.
HUD Replacement Housing Factor Funds $2,562,564
L1HTC: Arkansas Development Finance Authority $2,162,794
0 Mortgage Private Lender
$304,293
Total Source of Funds for Construction $5,029,651
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January 27, 2003
Mayor Jim Dailey
City Hall
500 West Markham
Little Rock, AR 72202
Mayor Dailey:
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Granite Motmtain Neighborhood
Improvement Association Inc. OW&
1720 East 38th Street s ■ ■
Little Rock, Arkansas 72206
Frank J. Boyle, President
The Granite Mountain Neighborhood improvement Association Inc., supports the Little Rock
Housing Authorities proposal to developed Homes at Granite Mountain Phase R (HAGM Phase In.
Lee Jones, Executive Director of the Little Rock Housing Authority met with our Association to
discuss the planned new development As proposed HAGM Phase 11 would be a 60 unit mixed
income designated elderly housing complex built on approximately 7 acres ofthe old Booker Homes
public housing site. This site is across the street from Homes at Granite Mountain (HAGM), a
successful 52 unit mixed income family site developed by the Housing Authorities not for profit
LRHR. HAGM has maintained a high occupancy and is an asset to our community.
We look forward to our continued involvement in the development of HAGM 11 and ask that the City
of Little Rock Board of Directors support the Authorities application to the Arkansas Development
Finance Authority for low- income housing tax credits as one source of funding for this project
sincerely,
J �
Boy e
Frank J. ,
Granite Mountain Neighborhood Improvement Association, Inc
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