Title
Resolution Authorizing a Commitment of $2,186,660 in Federal HOME Program and 2016 Housing Bond Funds to Affordable Housing Management, Inc., The Oakleigh Senior 1, LP (Prestwick Development Company, LP), Richardson Village II, LP (Beacon Management) for Multi-Family Affordable Housing Development Projects
Body
Department: Neighborhood Development
Council District: 2
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:
As recommended by the Planning Board, City Council consideration is requested for a commitment of $2,186,660 in federal HOME program and 2016 Housing Bond funds to Affordable Housing Management, Inc., The Oakleigh Senior 1, LP (Prestwick Development Company, LP), Richardson Village II, LP (Beacon Management) multi-family affordable housing development projects.
BACKGROUND:
A request for proposals for the FY2019 Multi-Family Affordable Housing Development was issued in February 2019. The total projected amount available for commitment was $2,193,511 in federal HOME funds and 2016 Housing Bonds. The applicants are competing for Low Income Housing Tax Credits from the North Carolina Housing Finance Agency [NCHFA].
At the March 20, 2019 meeting, the Planning Board recommended $2,186,660 in funding as outlined on the attached summary for FY2019 Multi-Family Affordable Housing Development to fund the following projects:
The Oakleigh - 526 Douglas Street and 920 Pearson Street - $1,150,000 in federal HOME funds. This is new construction of an 80-unit multifamily development for the elderly (55+). The total development cost: $12,258,660. Loan terms: an interest only loan with a 1% interest rate, 35-year term and amortization. The City loan will be in second lien position behind a bank loan.
Richardson Village - 600 DeWitt Street - $431,866 in federal HOME funds. This is the rehabilitation of a 24-unit multifamily de...
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