Important affordable housing project gains important tax credit approval and is coming soon
Hallmark Apartments, located at 531 Woodside Road, was a 72-unit affordable housing complex damaged in a fire in 2013. This blog provides a brief update on new efforts underway to rebuild.
After several years of construction rebuilding delays, the owner reported they reached an agreement with their limited partner to buy them out of the partnership and commence with the rebuild. Tax-exempt bonds and tax credit financing will be the primary funding source to finance the rebuild, which was approved by the City Council in early February. All 72-units onsite will remain affordable. KDF Communities-Hallmark LLC expects to begin construction soon, once City Building and Fire officials approve their construction plans.
Looking forward to the anticipated construction, the affordability of the apartments will continue as before the fire: 30% of the units would be affordable to very low-income households. The reconstruction plans will include 71 one-bedroom units and one studio. Rent for one-bedroom apartments would range between $1,330 and $1,605.
In other affordable housing news, the City Council approved the use of $6 million in affordable housing funds to support two 100% affordable housing projects located at 353 Main Street (ROEM Development) and 612 Jefferson (Habitat for Humanity). As proposed, the ROEM Development would include 62 low-income units and 63 very-low income units. The Habitat for Humanity project is a for-sale project and includes 20-units.
The $6 million in affordable housing funds were generated through an affordable housing impact fee required by the City on all market-rate residential developments that do not fully provide affordable housing onsite, and all commercial development.
For more details about the City’s affordable housing initiatives, go to here.