- Meeting Date:
- 07/27/2020
- TITLE
- Public Hearing - Central Court Village, Senior Low-Income Rental Housing Project
- PRESENTED BY:
- Wyeth Friday
- Department:
- Planning & Community Services
- Division:
- Community Development
RECOMMENDATION
Staff recommends the City Council conduct the public hearing to meet statutory requirements and provide an opportunity for the public to comment on whether the project meets a community housing need. There is no other action requested or required on this matter from the project owners.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
Peak Capital Partners and The Hearthstone Group, a 501 (c) (3) non-profit corporation, have acquired Central Court Village, a Senior low income multi-family rental housing complex located at 78 27th Street West in Billings. Central Court Village is an 81-unit senior project, originally built in 2000. The development has easy access to shopping, healthcare, and major transportation arteries that connect to downtown Billings.
The project is a Low Income Housing Tax Credit (“LIHTC”) property and operates under a Montana Board of Housing Declaration of Restrictive Covenants for Low-Income Housing Credits. The project is laid out over 3 acres, and consists of 1 residential building containing one and two bedroom units. The building is a three-story garden style structure and residents’ benefit from community amenities such as a clubhouse, covered parking, on-site laundry facilities, fitness room, and game room. Units are outfitted with a full appliance package, air conditioning, garages, and high-speed internet access.
The initial compliance period (income restrictions and rent caps) for the project ended on December 31, 2015, and has now entered an extended use period for such income and rent restrictions that ends on December 31, 2050. Peak Capital Partners and The Hearthstone Group plan to continue providing safe, well maintained, affordable housing to the senior residents of Billings. Billings is a market that has strong demographics to support the demand for quality senior housing, which the new owners are dedicated to providing. Peak has owned and operated over 26,000 apartment units since 2007, including over 12,000 affordable units. Peak Capital Partners is dedicated to providing safe, well-maintained, affordable housing to communities across the country.