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REPORT - SAGE COMMONS SECTION 8 PROJECT BASED VOUCHERS - 6 AND 80 COLLEGE AVENUE
BACKGROUND: Sage Commons is an approved 54-unit permanent supportive housing facility serving extremely low and very low-income people who are homeless or at risk of homelessness. The project applicant, Danco Communities, has received an allocation of competitive 9% tax credits, as well as other funding commitments. The tax-credit investor’s underwriting guidelines dictate that they underwrite the special needs population of Sage Commons to less that the Low-Income Housing Tax Credit rents. The addition of eight Project Based Vouchers (“PBVs”) is projected to provide sufficient additional rental income over the 15-year tax credit compliance period.
RECOMMENDATION: It is recommended by the Housing Authority Ad Hoc Committee and the Housing and Community Services Department that the Housing Authority, by resolution, allocate eight (8) Project Based Vouchers to Santa Rosa College Avenue LP for Sage Comm...
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