Yuma City Council met Feb. 4 to consider an ordinance that would authorize the local housing authority to buy 7.64 acres at 221 E. 26th Pl. to advance the development and operation of Vista Apartments—a 200-unit, three-phase affordable multifamily community.
Council will take final action on the proposed ordinance Feb. 18.
Yuma will not have a financial obligation in buying the former Vista Alternative High School site or in developing the apartment plan. Under the ordinance, the Housing Authority of the City of Yuma will act as the City’s agent to build, maintain and manage the City’s housing projects but will require separate ordinances to buy and own the property.
Council also has the authority to allow HACY to hold an ownership interest in business entities or to form corporations or subsidiaries.
The Vista Apartments development is intended to reduce housing insecurity, support workforce retention and lower the burdens of housing costs for qualifying families. HACY has proposed creating a nonprofit corporation that would establish a managing member entity to pursue Low-Income Housing Tax Credits from the Arizona Department of Housing.
It would then create an entity for this project that would enter into a long-term property lease with HACY with an affordable housing restriction in place.
Ownership and control of the managing member entity would be 51% for HACY’s nonprofit corporation and 49% for a nonprofit HACY affiliate known as Arizona Housing Development Corp.
If the ordinance is approved and the process advances as envisioned, the next step will be for the ownership entity to enter into a development consulting agreement with Gorman & Company to facilitate building the community.
The managing member entity would be 51% owned and controlled by HACY’s nonprofit corporation and 49% owned and controlled by Arizona Housing Development Corp., a nonprofit HACY affiliate whose purpose is to promote the general social welfare of the Yuma community, including development of housing for low- and moderate-income families pursuant to federal regulations.
The next step in the planned project would be to enter into a development consulting agreement with Gorman & Company through the ownership entity to facilitate development of the Vista Apartments. (Source)
