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Silverton Housing Authority adopts policy on participation in real estate development
Summary
The Silverton Housing Authority adopted a policy setting terms for participation in private real-estate projects, extending affordability terms to 20 years, raising application and asset-management fees, and adding a minimum 25% deferred development fee for potential LIHTC projects.
The Silverton Housing Authority on March 9 adopted a policy guiding the authority’s participation in real-estate development, aiming to provide a clear framework for when and how the authority will join private projects.
Staff presented a second draft of the policy and said it incorporated direction from a prior meeting. The board approved a change extending the minimum period of affordability from 15 years to 20 years. Legal review by New Communities Law added several provisions, including a minimum deferred development fee of 25% when a developer proposes a low-income housing tax credit (LIHTC) project, a proposed increase in the application fee from $3,000 to $5,000, and a newly proposed annual asset-management fee of $3,000.
Staff told the board the draft warns against serving as a property manager on private deals because doing so increases legal exposure and often does not yield revenue sufficient to justify the risk; the authority can still serve as property manager or take higher ownership on a case-by-case basis when the board decides it is appropriate. Counsel also concluded the authority’s dual role as a town board and housing authority does not create an inherent conflict of interest for the structure proposed.
After discussion and questions about developer outreach and liability, a board member moved to adopt the resolution (recorded as Resolution 2461 in the meeting packet). The resolution was adopted on a roll-call vote with board members recorded as voting yes.
Next steps: staff will use the adopted policy as the framework for evaluating future proposals and will return to the board with any applications that request the authority’s participation under the new terms.
