Arlington County Board approves $10.7 M for Culpepper Garden I Renovation
Arlington County Board approves $10.7 M in Affordable Housing Investment Funds (AHIF) for Culpepper Garden I Renovation
On January 30, 2018, Culpepper Garden received unanimous approval for $10.7M in Affordable Housing Investment Funds (AHIF), moving us one step closer to financing a major renovation of Culpepper Garden I, 204 affordable independent living apartments.
ARLINGTON COUNTY, VIRGINIA COUNTY BOARD RECESSED MEETING
Tuesday, January 30, 2018
3:00 P.M. County Board Business and Reports
6:30 P.M. Consent Items
No earlier than 6:45 P.M. Regular Hearing Items
Ratification of “Section 8 Project-Based Voucher Housing Assistance Payments Contract” (HAP Contract) for Culpepper Garden 1 Apartments. Approval of amendment to, and assignment of, HAP Contract. Approval of $10,736,579 Affordable Housing Investment Fund Loan (AHIF) to CG1 Restoration Limited Partnership, an entity affiliated with Wesley Housing Development Corporation of Northern Virginia and Arlington Retirement Housing Corporation, to help finance the renovation of Culpepper Garden 1 Apartments.).
C.M. Recommendation: (1) Ratify the “Section 8 Project-Based Voucher Housing Assistance Payments Contract” (HAP Contract-attached to the staff report) between Culpepper Garden I, Inc. and the Arlington County Department of Human Services. (2) Approve the terms of the (a) First Amendment to HAP Contract, (b) Assignment and Assumption Agreement of HAP Contract, and (c) Consent to Assignment of HAP Contract as Security for Financing (collectively, “HAP Amendment and Assignments”-attached to the staff report), and authorize and direct the County Manager to execute, on behalf of the County Board the HAP Amendment and Assignments (attached to the staff report), subject to approval as to final form by the County Attorney. (3) Approve the terms of the (a) Affordable Housing Investment Fund Loan Agreement, (b) Deed of Trust, Assignment of Rents and Leases and Security Agreement, (c) Deed of Declaration of Restrictive Covenants, (d) Intercreditor and Subordination Agreement, and (e) Right of First Refusal (collectively, the “AHIF Loan Documents”-attached to the staff report), and authorize and direct the County Manager to execute, on behalf of the County Board the AHIF Loan Documents (attached to the staff report), subject to approval as to final form by the County Attorney. (4) Authorize and direct the trustees for the County Board to execute the Intercreditor and Subordination Agreement (attached to the staff report), subject to approval as to final form by the County Attorney. In addition, (5) authorize and direct the County Manager, with the concurrence of the County Attorney, to act as the County Board’s representative in approving revisions to the documents (attached to the staff report), that are necessary to remove any ambiguity or inconsistency or which improve the County Board’s financial security or financial position, and which revisions do not adversely affect the County financially, prior to or after execution of the documents.
