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Home My WebLink AboutReports - 2024.03.14 - 41063 AGENDA ITEM: Housing Trust Fund - 111 Oneida “Missing Middle” Workforce 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 #2024-3811 Motion to approve the 111 Oneida "Missing Middle" workforce housing development project in the City of Pontiac recommended by the Housing Trust Fund Board in an amount not to exceed $3,000,000. ITEM CATEGORY SPONSORED BY Resolution Penny Luebs INTRODUCTION AND BACKGROUND Coleman Allen, LLC (Applicant) submitted an application requesting $3,000,000 in gap funding for its 111 Oneida “Missing Middle” workforce housing development. County staff reviewed and scored Applicant’s application and recommended a Housing Trust Fund investment in an amount not to exceed $3,000,000 of LFRF funds. The Applicant seeks to acquire from the Oakland County Land Bank and substantially renovate an existing 50-unit, multifamily property located at 111 Oneida Street, Pontiac, MI 48341 (111 Oneida). The 111 Oneida will be targeted towards “Missing Middle” residents that earn between 60% and 120% of the area median income (AMI). !t least 12 units will be reserved for residents earning less than 80% AMI and 38 units will be reserved for residents earning less than 120% AMI. The 111 Oneida will revitalize a long-vacant property and represent an approximately $13,500,000 investment into “Missing Middle” workforce housing in Oakland County using Housing Trust Funds, Michigan State Housing Development Authority (MSHDA) Missing Middle Funds, Brownfield TIF funds, and other private financial resources . On 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 111 Oneida “Missing Middle” work force housing 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 111 Oneida "Missing Middle" workforce housing development 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. 111 Oneida "Missing Middle" 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 -002 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 Coleman Allen LLC, an affiliate of LJ Golden Realty, submitted an application requesting $3,000,000 in gap funding for the acquisition, renovation and redevelopment of Casa Del Rey, a vacant, multifamily property owned by the Oakland County Landbank located at 111 Oneida, Pontiac, MI (Development); and WHEREAS the Development will include the renovation of all 50 multifamily rental units, of which, 12 units will be reserved for households earning less than 80% of area median income (AMI) and 38 units will be reserved for households earning less than 120% AMI; and WHEREAS the Development’s renovation and redevelopment plan received a Certificate of Appropriateness from the City of Pontiac Historic District Commission; and WHEREAS the Development is participating in the Michigan State Housing Development Authority’s (MSHDA) “Missing Middle” program to fund workforce housing developments for households that earn between 60% AMI and 120% AMI ; and WHEREAS the Development will represent an approximately $13,500,000 investment into Affordable housing in Oakland County using SLFRF funds, MSHDA Missing Middle funds , Tax Increment Financing, and private financing 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 the acquisition, renovation and redevelopment of Casa Del Rey, to serve as a workforce housing and “Missing Middle” multifamily property 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 17:05 EST)