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Riverwood: 21 affordable units planned by October; leasing process will differ from tax-credit projects
Summary
Management said Riverwood will deliver 21 units at 80% AMI by October; affordability will attach to units under an FHA loan rather than low-income housing tax credits, and staff are still working out wait-list and leasing procedures with Greystar.
Riverwood management told the meeting the property will have 21 units restricted to 80% of area median income (AMI) by October and that the leasing and compliance process will differ from tax-credit projects.
Tim, a Riverwood manager, said the 21 affordable units are tied to the unit rather than to specific tenants because the financing is FHA loan–based rather than tax-credit based. “It’s a the literally, the units are the affordability is attributable to the unit, not necessarily to the tenant,” Tim said.
Staff said the discount from market rate is expected to be in the order of roughly 20 percent, though speakers hedged the estimate and said they were still consulting compliance specialists. Tim said the property is coordinating with Greystar and compliance staff to finalize leasing and tenant-selection processes; Riverwood management indicated they will reach out to previously interested applicants but that the process and timing will differ from Canyon Parish and Millport because tax-credit wait-list rules do not apply.
Management said leasing competition from nearby properties has been a factor but that they are “holding our own” compared with nearby complexes. No binding dates for marketing or tenant outreach beyond the October timeline were finalized during the meeting.
