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Meeting Date: January 15, 2014
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Commission, Board
or Committee: Click here to enter date.
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Staff Contact:
Barbara Garcia
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PW Committee or L&F
Committee: L&F
DATE January 15, 2014
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Petitioner: Joan M. Franken, Costello Companies
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City Council 1st
Reading: Click here to enter date.
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Location: Community Development
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City Council 2nd
Reading: Click here to enter date.
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Agenda Title:
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City Council approval and
authorization for the Mayor to sign the Local Governing Body Approval form
(Exhibit 3) for Costello Companies’ Whisper Rock Apartments application to
South Dakota Housing Development Authority for HOME Funds and Low Income
Housing Tax Credits.
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Summary:
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Costello
Companies is submitting an application to South Dakota Housing Development
Authority for HOME Funds and Low Income Housing Tax Credit funding assistance
for a 62 unit multi-family rental complex in the Big Sky Development in
eastern Rapid City. The application requires acknowledgment and support of
the project from the local governing body, in this case, City Council.
All
apartments in this project will target persons at or below 60% of the Area
Median Income (AMI) for Rapid City. This project will meet a high priority
goal of our five year consolidated plan, providing affordable apartments for
very low income households.
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Funding Source
& Fiscal Impact (if applicable):
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N/A – for City funding; Project will access
South Dakota Housing Development HOME funds and Low Income Housing Tax Credit
that will allow them to leverage other non-city dollars for the project.
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Recommendation:
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Notes: Staff
recommendation is for Council support of the project and approval for the
Mayor to sign the application support letter.
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Options:
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Click here to enter text.
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Attachments &
Links:
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Costello Companies Request
Letter
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City of Rapid City Local
Governing Body Support Letter
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Click here to enter text.
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Development Narrative –
Whisper Rock
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Rent Schedule –
Whisper Rock
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Site Plan – Whisper
Rock
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Building Plans – Whisper Rock
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