Public Services - Community DevelopmentCD-23-0098District 3
Approved minutes
Approved Staff’s recommendation with the noted revision that the Commission District was incorrect, it was not Commission District 3, it was Commission District 5 by roll call vote.
Barbara Wilhite company, on-site manager maintenance. And local ownership, my client is is local. Harbor Island Capital is the name of my client's firm. This is something that they have been working on. They develop attainable workforce housing for middle income earners through adaptive reuse of obsolete commercial properties, whether it be a hotel, an office, a school. What's interesting is when you look at representing affordable um housing developers, which I do. There's AMI, the adjusted medium income, average medium income, excuse me. And there's a lot of programs for people developing 60% AMI, 80% AMI, and then you really there's not tax credits, there's not bond deals, there's not the same programs on a federal level available to help get these things financed. So what happens is when you're exceed the 80% AMI or 60% AMI, you're out in the market. For market rents. two thousand a month, whatever it might be. What's unique about this is because we're doing adaptive reuse of an existing building, your the cost is lower, so the units can be rented for lower.
Barbara Wilhite he said, We're gonna can we use this one as the model for everybody else. So I just I tell you that story because this is a client who knows what they're doing and is going to get ahead of issues. Um and you'll see in the presentation that uh this is something you're gonna be proud of as well. Thank you.