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Home My WebLink AboutReports - 2024.03.14 - 41057 AGENDA ITEM: Housing Trust Fund - Presbyterian Village of Michigan Affordable Housing Development Project in the City of Pontiac DEPARTMENT: Health & Human Services - Neighborhood and Housing Development MEETING: Board of Commissioners DATE: Thursday, March 14, 2024 9:30 AM - Click to View Agenda ITEM SUMMARY SHEET COMMITTEE REPORT TO BOARD Resolution #2024-3725 Motion to approve the Presbyterian Village of Michigan affordable housing development in the City of Pontiac recommended by the Housing Trust Fund Board in the amount not to exceed $3,000,000. ITEM CATEGORY SPONSORED BY Resolution Penny Luebs INTRODUCTION AND BACKGROUND Presbyterian Villages of Michigan (PVM) submitted an application requesting $3,000,000 in gap funding for the recapitalization, renovation and expansion of its Presbyterian Village North Oakland Woods (Oakland Woods) affordable senior living community located at 420 South Opdyke Road, Pontiac, MI. County staff reviewed and scored the PVM application and recommended a Housing Trust Fund investment in an amount not to exceed $3,000,000 of LFRF funds. The PVM seeks to recapitalize, renovate and expand Oakland Woods to preserve long-term affordability for residents and extend the useful life of the property. The PVM will rehabilitate all 216 rental units, of which, 182 affordable units will be reserved for residents earning less than 30% and 60% of the area median income (AMI), 150 of the 182 affordable units will be funded with project-based vouchers, and 34 units will be non-income restricted. The renovation and expansion of Oakland Woods will provide a more equitable distribution of the 150 in-place project-based vouchers throughout the existing campus, expand the community center, and expand the supportive services and wellness programming at Oakland Woods. The PVM’s recapitalization, renovation, and expansion of Oakland Woods will represent an approximately $35,000,000 investment into affordable housing in Oakland County using Housing Trust Funds, 4% housing tax credits, Michigan State Housing Development Authority Funds, and other sources. In February 21, 2024 the Housing Trust Fund Board approved a resolution recommending an investment in an amount not to exceed $3,000,000 of LFRF funds to the Oakland County Board of Commissioners for the Oakland Woods affordable senior living development. POLICY ANALYSIS The Oakland County Board of Commissioners authorized the creation of the Housing Trust Fund via Miscellaneous Resolution #22-135. The Oakland County Board of Commissioners authorized a one- time Fiscal Year 2022 appropriation in the amount of $5,000,000 and a one-time Fiscal Year 2023 appropriation in the amount of $13,000,000 of American Rescue Plan Act – Local Fiscal Recovery Funds for the Oakland County Housing Trust Fund to increase affordable or attainable rental and homeowner occupied housing throughout Oakland County. Housing proposals requesting more than $1,500,000 from the Housing Trust Fund shall require approval of the Oakland County Board of Commissioners. A Notice of Funding Availability and Application was approved and released on September 20, 2023, to receive applications requesting ARPA funding. American Rescue Plan Act - Local Fiscal Recovery Funds must be committed to the Presbyterian Village of Michigan project through a written contract by December 31, 2024, and expended by December 31, 2026. BUDGET AMENDMENT REQUIRED: No Committee members can contact Michael Andrews, Policy and Fiscal Analysis Supervisor at 248.425.5572 or andrewsmb@oakgov.com or the department contact persons listed for additional information. CONTACT Kyle Hines, Housing Trust Fund Manager ITEM REVIEW TRACKING Aaron Snover, Board of Commissioners Created/Initiated - 3/14/2024 AGENDA DEADLINE: 03/14/2024 9:30 AM ATTACHMENTS 1. PVN Oakland Woods III HTF Resolution COMMITTEE TRACKING 2024-03-05 Public Health & Safety - Recommend to Board 2024-03-14 Full Board - Adopt Motioned by: Commissioner Philip Weipert Seconded by: Commissioner Linnie Taylor Yes: David Woodward, Penny Luebs, Karen Joliat, Kristen Nelson, Christine Long, Robert Hoffman, Philip Weipert, Gwen Markham, Angela Powell, William Miller III, Yolanda Smith Charles, Charles Cavell, Ajay Raman, Ann Erickson Gault, Linnie Taylor (15) No: None (0) Abstain: None (0) Absent: Michael Spisz, Marcia Gershenson, Brendan Johnson, Michael Gingell (4) Passed OAKLAND TOGETHER HOUSING TRUST FUND February 21, 2024 Resolution: #2024-001 Recommendation of Funding Chair and Members of the Oakland Together Housing Trust Fund Board: WHEREAS Oakland County has a need of 11,582 additional units of affordable housing needing to be created over the next decade; and WHEREAS of the more than 150,000 renters in Oakland County, 41.4% are cost burdened, paying more than 30% of their income in rent; and WHEREAS the average wait for a Housing Choice Voucher in Oakland County is 26 months; and WHEREAS the Oakland County Board of Commissioners authorized the creation of the Housing Trust Fund by Miscellaneous Resolution #22 -135; and WHEREAS the Oakland County Board of Commissioners authorize d a one-time Fiscal Year 2022 appropriation in the amount of $5,000,000 in American Rescue Plan Act – State and Local Fiscal Recovery Funds (SLFRF) and a one-time Fiscal Year 2023 appropriation in the amount of $13,000,000 in SLFRF Funds for the Oakland County Housing Trust Fund (Fund) to increase affordable or attainable rental and homeowner occupied housing throughout Oakland County ; and WHEREAS the Fund approved and released a Notice of Funding Availability and Application on September 20, 2023 to receive applications requesting SLFRF funding; and WHEREAS Presbyterian Village North (PVN) doing business as The Village of Oakland Woods, a Senior Living Community (Oakland Woods) and its sole member and sponsor Presbyterian Villages of Michigan (PVM), submitted an application requesting $3,000,000 in gap funding for the acquisition, renovation, and expansion of PVN Oakland Woods , an affordable senior living community located at 420 South Opdyke Road, Pontiac, MI (Development); and WHEREAS the Development will include the renovation of all 216 rental units, of which, 182 will be reserved for residents earning less than 30% and 60% of the area median income (AMI) and 34 units will be non -income restricted; and WHEREAS the Development will provide a more equitable distribution of the 150 in-place HUD Section 8 Project Based Vouchers throughout the existing campus and expand the supportive services and wellness programming at the Development, and WHEREAS the Development will represent an approximately $35,000,000 investment into affordable housing in Oakland County using SLFRF Funds, 4% housing tax credits, Michigan State Housing Development Authority Funds, and other sources ; and WHEREAS County staff reviewed and scored the Development’s application and recommend an investment in an amount not to exceed $3,000,000 of gap funding for the Development; and WHEREAS any Fund investment over $1,500,000 requires approval of the Oakland County Board of Commissioners by adopted resolution. NOW THEREFORE BE IT RESOLVED that the Oakland Together Housing Trust Fund recommends that the Oakland County Board of Commissioners adopt a resolution approving and authorizing an investment of SLFRF funds for PVN Oakland Woods III affordable housing in an amount not to exceed $3,000,000. BE IT FURTHER RESOLVED that the SLFRF funds are subject to the availability of SLFRF funds, must be committed to the Development through written contract by December 31, 2024, and expended by December 31, 2026. __________________________ __________________________ Kyle Hines, Chairperson Sarah Pounds, Secretary Sarah B Pounds (Feb 27, 2024 17:07 EST) PVN Oakland Woods III HTF Resolution - clean Final Audit Report 2024-02-27 Created:2024-02-27 By:Kyle Hines (hinesk@oakgov.com) Status:Signed Transaction ID:CBJCHBCAABAA-W7QRjAIqbmXOzqOUgy9gZ87sicES_OP "PVN Oakland Woods III HTF Resolution - clean" History Document created by Kyle Hines (hinesk@oakgov.com) 2024-02-27 - 9:35:31 PM GMT Document e-signed by Kyle Hines (hinesk@oakgov.com) Signature Date: 2024-02-27 - 9:36:22 PM GMT - Time Source: server Document emailed to sarahbethpounds@gmail.com for signature 2024-02-27 - 9:36:23 PM GMT Email viewed by sarahbethpounds@gmail.com 2024-02-27 - 10:06:40 PM GMT Signer sarahbethpounds@gmail.com entered name at signing as Sarah B Pounds 2024-02-27 - 10:07:03 PM GMT Document e-signed by Sarah B Pounds (sarahbethpounds@gmail.com) Signature Date: 2024-02-27 - 10:07:05 PM GMT - Time Source: server Agreement completed. 2024-02-27 - 10:07:05 PM GMT