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Council selects developer for 36-unit 9% LIHTC project at 2411 West State Route 89A; approval contingent on award and lease negotiation
Summary
The council awarded a developer selection for a 36-unit low-income housing tax credit proposal on West State Route 89A, approving a conditional option to negotiate a city land lease if the project secures 9% LIHTC funding from the Arizona Department of Housing.
The Sedona City Council selected HS Development Partners LLC as the preferred developer for a proposed 36-unit multi-family project planned at 2411 West State Route 89A and approved a lease-option arrangement contingent on the developer winning a 9% Low Income Housing Tax Credit (LIHTC) award from the Arizona Department of Housing and on successful negotiation of a land lease with the city.
City staff issued an RFP in January to identify a developer able to deliver a competitive 9% LIHTC application by the April 1 deadline. A review panel of city staff scored three proposals; HS Development Partners scored highest and presented their concept to council and the public at the meeting.
HS Development Partners’…
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