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City staff backs $700,000 allocation for Trinity Trails rehab; 145 units to target households at 60% AMI
Summary
A resolution before the committee would allocate up to $700,000 from the affordable housing trust fund to assist rehabilitation of Trinity Trails, a 145‑unit project in District 1 where units will be held at 60% AMI or below; the funding term is 15 years with LIHTC requiring 40 years of affordability.
Committee members reviewed a resolution to allocate up to $700,000 in affordable housing trust‑fund assistance to the Trinity Trails redevelopment in District 1.
Staff said the development will deliver 145 units, all targeted to households at or below 60% of area median income, and that the city’s agreement would have a 15‑year loan or agreement term while the Low‑Income Housing Tax Credit (LIHTC) rules require a 40‑year affordability period. A staff presenter noted all 145 units hold vouchers and that the developer has already started rehabilitation work.
Councilors asked whether the trust‑fund assistance is structured as loans or grants and whether prior recipients have fully repaid obligations; staff said the Trinity Trails funds would be structured under a 15‑year agreement coterminous with the developer’s financing and that the city will monitor repayments and compliance per policy. The committee did not vote on the resolution during the meeting; staff expects the matter to return for action.
