Title
Resolution Authorizing a Commitment of $900,000 in Federal HOME Program Funds to Muirs Landing LLC (Affordable Housing Management, Inc., Managing Member) for a Multi-Family Affordable Housing Development Project
Body
Department: Neighborhood Development
Council District: 4
Public Hearing: Not Applicable
Advertising Date/By: Not Applicable
Contact 1 and Phone: Stan Wilson, 336-373-2509
Contact 2 and Phone: Cynthia Blue, 336-433-7376
PURPOSE:
City Council consideration is requested for a commitment of $900,000 in federal HOME program funds to Muirs Landing LLC (Affordable Housing Management, Inc. is Managing Member) for the Muirs Landing multi-family affordable housing development project.
BACKGROUND:
On April 17, 2018, City Council approved commitments for multi-family projects submitted under the Affordable Housing Development Request for Proposals [RFP]. At that meeting, City Council approved time-limited commitments for the Bells Summit and Muirs Landing projects contingent upon the receipt of Low-Income Housing Tax Credit awards [LIHTC]. There were not enough funds in the RFP to fully fund all projects, so the Muirs Landing project was awarded the remainder RFP funds of $401,563. The non-profit developer, Affordable Housing Management Inc., had to make up the difference in the funding gap with additional bank debt and deferred developer fee to complete their final LIHTC application. In August, the Muirs Landing project received a LIHTC award from the North Carolina Housing Finance Agency. The Bells Summit project did not receive a LIHTC award.
Project Description:
Muirs Landing - 4803 Kenview Street.
Project Request: $900,000 Funds Previously Committed: $401,563 Recommended Funding: $900,000
New construction of 72 family apartment units affordable to households at 30%, 50% and 60% of area median income. Total Development Budget: $11,053,893
This project includes units serving households at extremely low income levels (30% and 40% of ar...
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