FY2017-18 Authorizing The Assessor To Asses The Kodiak Affordable Housing Project Low Income Tax Credit Based On Restricted Rents.1
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Introduced by:
Borough Assessor
Requested by:
Borough Assessor
Drafted by:
Borough Assessor
Introduced on:
10/20/2016
Adopted on:
10/20/2016
KODIAK ISLAND BOROUGH
RESOLUTION NO. FY 2017-18
A RESOLUTION OF THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH AUTHORIZING THE ASSESSOR TO ASSESS THE
KODIAK AFFORDABLE HOUSING PROJECT LOW INCOME TAX
CREDIT (LIHTC) PROJECT BASED ON RESTRICTED RENTS
WHEREAS, the Kodiak Island Borough is in dire need for affordable housing, and
WHEREAS, the Kodiak Island Borough Assembly has made it a priority to encourage
construction of affordable housing, and
WHEREAS, AS 29.45.110(d), requires the Assembly to determine by ordinance, whether the
projects that qualify after January 1, 2001 shall be assessed based on actual income from
restricted rents derived from the property; and
WHEREAS, if the Assembly determines that such property is exempt from the requirement
that the assessment be based on restricted rents, it can by parcel authorize the Borough
Assessor to assess the projects at either full and true value or based on actual income derived
from the property; and
WHEREAS, the Assembly passed Ordinance No. FY2012-20 on May 3, 2012 stating that all
such applications shall be forwarded to the assembly by resolution for a determination of the
assessment manner; and
WHEREAS, the owner of the Kodiak Affordable Housing Project has applied for Assembly
consideration on the method of valuation; and
WHEREAS, the owner has filed a timely application by May 15, 2017 with the Assessor and
the project is being considered by Alaska Housing Finance Corporation to be a low-income
housing tax credit project under U.S.C. 42 qualifying after January 1, 2001; and
WHEREAS, the following are the values that would be attributed to the property using the two
different value techniques:
2017 FULL AND TRUE VALUE
$ 2,500,000
2017 RESTRICTED RENT VALUE
:11 111
WHEREAS, that in accordance with AS 29.45.110(D), the Assembly finds that valuing this
project based on the actual income derived from the property best serves the interests of the
borough by potentially increasing the affordability and availability of low income housing.
Kodiak Island Borough Resolution No. FY2017-18
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NOW, THEREFORE BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH that the Assembly authorizes the Assessor to value the Kodiak Affordable Housing
Project based on the actual income derived from the property without adjustment based on the
amount of any federal tax credit given the property. This resolution will become effective upon
approval by Alaska Housing Finance Corporation for the project as a low-income housing tax
credit project under U.S.C. 42.
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS TWENTIETH DAY OF OCTOBER, 2016
KODIAK ISLAND BOROUGH
e 9,
Jerrol Friend, Borough ayor
ATT ST:
va M. Javier, MMC, Bo ough Clerk
VOTES:
Unanimous Vote: Crow, LeDoux, Rohrer, Skinner, Smiley, Symmons
Absent: Peterson
Kodiak Island Borough
Resolution No. FY2017-18
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