Gateway Vista, LLLP is a recently organized non-profit company that plans to develop and operate affordable, multifamily housing.  The company is associated with the YWCA, which is the primary developer.  The 24 rental units are planned for property on Wyoming Ave. that is adjacent to the YWCA.  Part of the financing will be from low income housing tax credits, distributed annually through the Montana Board of Housing (MBOH).  If the project receives the tax credits, it will be exempt from property taxes as long as its operation meets the state law requirements.  In order to obtain the tax credits and achieve tax exemption, the MBOH and state law require that the policy body in the community where the housing will be located conduct a public hearing and solicit comments on whether the proposed low income housing will meet a community housing need.  The City Council will conduct the public hearing but it is not required to make any decisions regarding the testimony or the project.

There are no viable alternatives to conducting the public hearing and no Council action is required.

If the tax credits and tax exemption are approved by the MBOH, the City will not collect real property taxes on the property.  The property is currently tax exempt.  The property will be subject to all of the City's applicable service fees and assessments.

Staff recommends that the City Council conduct a public hearing for the proposed Gateway Vista housing project.