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HomeMy WebLinkAbout05-18-18 Correspondence - A. Surratt to S. Long, Summit Housing Group - Affordable Housing Letter of Support to Montana Board of Housing, West Winds Subdivision BOZE MAN MT City Management May 18, 2018 Mr. Sam Long Summit Housing Group, Inc. 283 W. Front St., Ste. 1 Missoula, MT 59802 RE: Summit Housing Group, Inc.'s LIHTC application to the Montana Board of Housing for the creation of affordable rental housing on the property legally described as on Lot 5, Block 8 of the West Winds Subdivision Phases 2A& 2B Dear Mr. Long, On behalf of the City of Bozeman, please accept this letter as an expression of the City's strong support for the Low Income Housing Tax Credit (LIHTC) application Summit Housing Group is submitting to the Montana Board of Housing for the development of Timber Ridge Apartments, a 40 unit affordable senior housing apartment building. The development will provide the City with additional affordable rentals, particularly senior housing units where we are experiencing unprecedented low vacancy rates. The site currently carries a Land Use Restriction that requires multifamily development for persons making 65% or below the Area Median Income. It is close to shopping, transit and two large parks which makes it ideal for a LIHTC development. The City of Bozeman earmarked funding in the FY 18 budget to assist LIHTC developers by paying a portion of the impact fees for housing developed for households earning less than 60% of Area Median Income. Summit Housing has applied for funding under this set aside and staff is recommending the City Commission allocate funding to support this development. In addition, on May 9th, 2018, the City of Bozeman's Community Affordable Housing Advisory Board (CAHAB) recommended the application be brought to the city commission. As this City continues to experience rapid growth, affordable housing is in short supply. Your proposed project will help meet the need of the senior community at or below 60% of the median income. As the cost of rental housing in Bozeman continues to rise,we feel that a project of this type will help meet the housing needs in the community and fully support your efforts on the Timber Ridge project. Since ely, �= Andrea Surratt, City o Bozeman City Manager Bozeman, NIT 59771-1230 TDD: 406-582-2301 THE MOST LIVABLE PLACE.