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Trustees terminate affordable housing trust agreement with developer after project deemed financially unfeasible
Summary
Tayo trustees approved terminating an Affordable Housing Trust Fund agreement with G4 MF Midtown after the developer said converting a nearby extended-stay motel into 65 affordable units is financially infeasible given low lease-up at a comparable site.
Trustees approved terminating an Affordable Housing Trust Fund agreement between Tayo and G4 MF Midtown that had supported a planned conversion of an extended-stay motel into 65 affordable housing units.
Staff said the developer completed a nearby conversion that produced 81 affordable units but has struggled with lease-up there (about 60 percent occupied), leading the developer to conclude a second conversion in the same area would not be financially feasible. If the termination is approved, funds reserved for the project would be returned to the Affordable Housing Trust Fund for reallocation to other projects.
Staff said rents at the completed conversion are currently between about $600 and $800 per month. Trustees discussed demand and unit mix during the meeting and asked for site location details; staff identified the completed project near 30th and Memorial (behind a McDonald’s and adjacent to medical uses).
The termination passed on a roll-call vote.
