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Council conditionally commits HOME funds to two affordable housing projects after review by Affordable Housing Review Board
Summary
The council approved conditional HOME program financing commitments for two low-income housing tax credit projects: Arc River Residences (42 units) and 212 North Market (68 units). Both approvals require developers to secure LIHTC equity and meet the terms of the city's conditional commitments before funding is finalized.
The Wichita City Council on May 6 authorized the director of Housing and Community Services to issue conditional HOME commitments to two affordable housing projects that seek low-income housing tax credits.
Arc River Residences, proposed by Commonwealth Development Corporation of America, is a 42-unit family development at 5136 S. Broadway intended to serve households at multiple area median income (AMI) tiers (30% to 60% AMI). Commonwealth said the project would request approximately $420,000 in HOME funds and that the HOME commitment would provide points and leverage in the Kansas Housing Resources Corporation (KHRC) LIHTC scoring. Commonwealth indicated the development team expects a…
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