Title:
Title
(Housing Authority) Riverview Plaza Asset Repositioning Update [Oral Report]
End
FileID
File ID: 2019-00577
Location
Location: Riverview Plaza, 600 I Street, District 4
Recommendation:
Recommendation
Receive and file.
Contact: LaTanna Jones, Assistant Director, (916) 440-1334, Sacramento Housing and Redevelopment Agency
Body
Presenter: LaTanna Jones, Assistant Director, (916) 440-1334, Sacramento Housing and Redevelopment Agency
Attachments:
1-Description/Analysis
2-Map
Description/Analysis
Issue Detail: Riverview Plaza is a 16-story residential and commercial mixed-use building located at 600 I Street in Downtown Sacramento which was developed in 1988 as a tax credit project. The residential portion of the development consists of 124 one-bedroom apartments rented to low- and very-low income senior and disabled residents and is owned by Riverview Plaza Associates, a California Limited Partnership comprised of the Housing Authority of the City of Sacramento and Sacramento Housing Development Corporation (SHDC). The County Board of Supervisors serves as the Board of SHDC and SHRA staff manages the property. The current rental structure of Riverview Plaza is broken out into three tiers as outlined below.
Tier
# of Units
Income Restriction (Area Median Income)
End of Compliance Period|1010|25
50%
2019
2A
18 HODAG*
50%
2009
2B
33**
50%
2063|1010|47
60%
2019
*Housing Development Action Grant
**Downtown Housing Set Aside Units
The property is currently encumbered with one permanent loan from the California Housing Finance Agency's (CALHFA) Rental Housing Construction Program. The principal loan amount is $932,743 with accrued interest in the amount of $839,460. This loan was extended in 2016 for three years with the full balance due by December 31, 2019.
Staff has assessed the property and has identified a number of issues that need to be addressed which include:
1) Lack of net operating income (NOI) - NOI is marginal a...
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