Title
Resolution Authorizing Multi-Family Energy Efficiency Loan in the Amount of $473,900 to Carolina Community Investments, Inc. for Improvements at 2209 Apache Street, 307 Avalon Road, and 405 S. English Street, Known as Avalon Trace
Body
Department: Neighborhood Development
Council District: 1
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Stanley Wilson, 336-373-2509
Contact 2 and Phone: Cynthia Blue, 336-433-7376
PURPOSE:
City Council is requested to approve a construction loan in an amount not to exceed $473,900 from Multi-Family Energy Efficiency Program funds to Carolina Community Investments, Inc. for the purposes of energy and water efficiency improvements as part of the planned acquisition and renovations at Avalon Trace apartments, located at parcel addresses 2209 Apache Street, 307 Avalon Road, and 405 S. English Street. The City loan leverages additional financing from Reinvestment Fund, a national social impact investor, Greensboro Housing Coalition, and Community Foundation of Greater Greensboro. The City loan funds would be repaid at the close of permanent financing.
BACKGROUND:
The Avalon Trace apartment complex has been identified by the Collaborative Cottage Grove [CCG] community partners as a key priority for improving the neighborhood housing conditions. The 176 unit property is deteriorating and has multiple units with outstanding code violations and Orders to Repair. Pediatric asthma emergency room admissions data shows a concentration of cases coming from the property. The current owners have listed the property for sale and a purchase offer has been accepted from Carolina Community Investments, Inc.
The Reinvestment Fund is a national mission driven Community Development Financial Institution providing lending capital as a catalyst for community change. The Reinvestment Fund has partnered with the Robert Wood Johnson Foundation to provide the financing capital for projects identified by the cities part...
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