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Board hears updates on Live Oak Homes, Section 18 conversion and West Side Phase 2 financing plans
Summary
Staff reported FEMA funds and engineer site visits for Live Oak Homes, a Section 18 voluntary conversion approval, and plans to pursue 4% bonds with a DDA boost for West Side Phase 2 to capture extra tax‑credit boost funding.
Theresa updated the board on several development matters. She said the authority received a FEMA payment for the Live Oak maintenance shop and that engineers conducted an independent cost estimate and scope review on Jan. 14 for an alternate FEMA project. Theresa said she is scheduling a community meeting about impending demolition tied to a Section 18 voluntary conversion; she noted the Section 18 application was submitted in August and approved Dec. 8.
On West Side Phase 2, Theresa said the authority is considering 4% tax‑credit bonds in a DDA boost area to capture an extra 30% in incentive funding to make the project financially feasible rather than pursuing another lottery round. She said the authority is looking at repositioning some public‑housing units to project‑based vouchers to support the development and expects to use a portion of obligated VMS/HAP funds for project vouchers.
Why it matters: The changes involve capital repair, demolition scheduling, and financing choices that affect future housing supply and the authority's portfolio conversion strategy.
What’s next: Staff will schedule a community meeting on demolition and bring bond/financing details and project‑based voucher commitments to the board in upcoming meetings.
