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File #: 17-0628    Version: 1
Type: Resolution Status: Adopted
File created: 5/22/2017 In control: Safety, Housing, Education & Homelessness Committee
On agenda: 6/19/2017 Final action: 6/19/2017
Title: A resolution approving a proposed Loan Agreement between the City and County of Denver and Lowry Affordable Housing Partners LLC to finance the development of an affordable housing project located at 6756 East Archer Drive. Approves a $720,000 loan agreement with Lowry Affordable Housing Partners, LLC in HOME funds from the U.S. Department of Housing and Urban Development structured as a cash flow loan to provide construction and permanent financing on a 72-unit affordable rental housing project at 6756 E. Archer Drive in Council District 5. The last regularly scheduled Council meeting within the 30-day review period is on 7-10-17. The Committee approved filing this resolution at its meeting on 6-7-17.
Indexes: Debra Bartleson
Attachments: 1. RR17 0628 OED Lowry Aff Housing Partners Request, 2. Lowry-VOA 060717.pdf, 3. 17-0628 Signed Contract_Lowry Affordable Housing Partners, LLC.201734154-00, 4. 17-0628 Filed Resolution_Lowry Affordable Housing Partners LLC.201734154-00, 5. 17-0628 - signed.pdf
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 05-23-17

Requesting Agency: Office of Economic Development
Division:

* Name: Susan Liehe
* Phone: 720-913-1689
* Email: susan.liehe@denvergov.org

Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney's Office should enter the title above the description (the title should be in bold font).

Both the title and description must be entered between the red "title" and "body" below. Do not at any time delete the red "title" or "body" markers from this template.
title
A resolution approving a proposed Loan Agreement between the City and County of Denver and Lowry Affordable Housing Partners LLC to finance the development of an affordable housing project located at 6756 East Archer Drive.
Approves a $720,000 loan agreement with Lowry Affordable Housing Partners, LLC in HOME funds from the U.S. Department of Housing and Urban Development structured as a cash flow loan to provide construction and permanent financing on a 72-unit affordable rental housing project at 6756 E. Archer Drive in Council District 5. The last regularly scheduled Council meeting within the 30-day review period is on 7-10-17. The Committee approved filing this resolution at its meeting on 6-7-17.
body

Affected Council District(s) or citywide? Council District 5

Contract Control Number:

Vendor/Contractor Name (including any "DBA"): Lowry Affordable Housing Partners, LLC

Type and Scope of services to be performed:
Creates a loan agreement between the Denver Office of Economic Development and Lowry Affordable Housing Partners LLC for $720,000 in HOME funds (HUD) structured as a cash flow loan to provide construction and permanent financing on a 72-unit affordable rental housing project known as Lowry Family housing at 6756 E Archer Drive. The Lowr...

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