TO: Internal Committee - 3P
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Planning and Community Development
Carol Helland
425-556-2107
DEPARTMENT STAFF:
Planning and Community Development
Seraphie Allen
Deputy Director
Planning and Community Development
Jeff Churchill, AICP
Planning Manager
Planning and Community Development
Ian Lefcourte, AICP
Senior Planner
TITLE:
title
Approval of Motion to Remove Reversionary Interest from Emma McRedmond Statutory Warranty Correction Deed.
OVERVIEW STATEMENT:
recommendation
City staff recommends that City Council adopt a motion authorizing the release of the deed restriction and reversionary clause contained in the Emma McRedmond Statutory Warranty Correction Deed.
The Deed currently provides that the property is conveyed "to be used solely for multi-family residential dwelling units for low or moderate income persons, aged 65 and Over, and handicapped and said property including all improvements, now or hereafter made to or on said property shall revert to the Grantor, its successor or assigns, in the event said property is used for any other purpose..."
The Emma McRedmond Manor is an existing three-story senior housing project with 32 apartments located in downtown Redmond. Built in 1988, the building is nearly 35 years old and in need of rehabilitation. Funding for the rehabilitation effort was included as part of the Fall 2023 Housing Trust Fund (HTF) Recommendation from A Regional Coalition for Housing (ARCH) member jurisdictions (Attachment A). Redmond and other ARCH member jurisdictions approved the funding request.
The Emma McRedmond Manor rehabilitation effort, a project managed by Catholic Housing Services (CHS), includes a plan to refinance the property using a private lender, Centennial Mortgage, providing a Unite States Department of Housing and Urban Development (HUD)-backed loan. This is conventional for senior affordable housing. This loan, and companion rental assistance contract su...
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