City of Boise
Idaho

Resolution
RES-436-17

A RESOLUTION APPROVING A GRANT AGREEMENT BETWEEN THE CITY OF BOISE CITY AND IDAHO HOUSING AND FINANCE ASSOCIATION, FOR THE USE OF GENERAL FUNDS FOR THE CONSTRUCTION OF HOUSING FIRST PERMANENT SUPPORTIVE HOUSING UNITS; AUTHORIZING THE MAYOR AND CITY CLERK, RESPECTIVELY, TO EXECUTE AND ATTEST THE AGREEMENT; AND PROVIDING AN EFFECTIVE DATE.

Information

Department:Planning and Development ServicesSponsors:
Category:Resolution

Financial Impact

Up to $1 million in general funds to IHFA for the purpose of leveraging a LIHTC Set-Aside to complete a Housing First housing project. An additional $100,000 of general funds will be allocated to the Housing and Community Development Division for monitoring, compliance, and outcomes reporting.

Body

              WHEREAS, IHFA's mission is to provide funding for affordable housing opportunities throughout Idaho communities where they are most needed and when it is economically feasible; and IHFA strives to improve lives throughout Idaho communities; and

 

              WHEREAS, IHFA administers the State of Idaho's Low Income Housing Tax Credit ("LIHTC") and has selected a non-profit developer to receive approximately 5.8 million dollars ($5,800,000.00) in tax credits to construct an affordable multi-family Permanent Supportive Housing ("PSH") project following a Housing First model to provide housing for citizens experiencing chronic homelessness (the "Project"); and

 

              WHEREAS, the City deems it to be in the public interest to encourage and facilitate the construction of the Project, which shall include forty-one (41) units, including one (1) manager's unit and forty (40) one-bedroom tenant units of PSH for its most vulnerable, chronically homeless citizens; and

 

              WHEREAS, IHFA has experience in financing the development of affordable low-income housing and has acquired information and understanding of PSH and Housing First housing models from other states; and

 

              WHEREAS, due to IHFA's expertise in this subject matter, and pursuant to Idaho Code §67-6206(ii) and §67-6223A, the City desires to enter into an agreement with IHFA wherein the City grants one million dollars ($1,000,000.00) ("Funds") to IHFA to be used to defray certain capital expenses of the Project; and

 

              WHEREAS, IHFA desires to accept the Funds to be used for the purposes specified in this Agreement; and

 

              WHEREAS, the Parties entered into a Memorandum of Understanding on April 12, 2016 in Res. 169-16, that set forth the framework of the Parties intent to enter into this Agreement.

 

              BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE CITY OF BOISE CITY, IDAHO:

 

Section 1.    That the agreement by and between Boise City and Idaho Housing and Finance Association, a copy of which is attached hereto and incorporated herein by reference, be, and the same is hereby, approved as to both form and content.

 

Section 2.   That the Mayor and City Clerk be, and they hereby are, authorized to execute and attest the attached agreement on behalf of Boise City.

 

Section 3.     That this Resolution shall be in full force and effect immediately upon its adoption and approval.