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File #: 19-1211    Version: 1 Name:
Type: Resolution Status: Adopted
File created: 10/28/2019 In control: Safety, Housing, Education & Homelessness Committee
On agenda: 12/9/2019 Final action: 12/9/2019
Title: A resolution approving a proposed Loan Agreement between the City and County of Denver and Senior Housing Options, Inc. for the rehabilitation of the Olin Hotel Apartments in order to provide affordable housing. Approves a loan agreement with Senior Housing Options for $1.5 million and for 60 years to provide HOME funds for financing of hard and soft costs to preserve the affordability of 107 units and add five new units at The Olin Hotel Apartments located at 1420 North Logan Street in Council District 10 (OEDEV-201950702). The last regularly scheduled Council meeting within the 30-day review period is on 12-23-19. The Committee approved filing this item at its meeting on 11-13-19.
Attachments: 1. RR19 1211 HOST Senior Housing Options Olin Hotel, 2. Olin Hotel Apartments 111319_R, 3. 19-1211 Filed Resolution_Senior Housing Options_201950702, 4. 19-1211 Senior Housing Options_Loan Agreement_2019_$1500000_MC_HSG_HOME_rehab of Olin Hotel Apartments_201950702-00, 5. 19-1211 Filed Resolution_Senior Housing Options, 6. 19-1211- signed
Contract Request Template (Contracts; IGAs; Leases)

Date Submitted: 10-28-19

Requesting Agency: Department of Housing Stability
Division:

Subject Matter Expert Name:

Name: Susan Liehe 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 Senior Housing Options, Inc. for the rehabilitation of the Olin Hotel Apartments in order to provide affordable housing.
Approves a loan agreement with Senior Housing Options for $1.5 million and for 60 years to provide HOME funds for financing of hard and soft costs to preserve the affordability of 107 units and add five new units at The Olin Hotel Apartments located at 1420 North Logan Street in Council District 10 (OEDEV-201950702). The last regularly scheduled Council meeting within the 30-day review period is on 12-23-19. The Committee approved filing this item at its meeting on 11-13-19.
body

Affected Council District(s) or citywide? Council District 10

Contract Control Number: OEDEV-201950702

Vendor/Contractor Name (including any "DBA"): Senior Housing Options

Type and Scope of services to be performed:
This request is for $1,500,000 ($13,393/unit) in HOME funds to provide financing for hard and soft costs for the Olin Hotel Apartments (the Olin). The Olin is a five-story building built in 1917 as a h...

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