Title
Resolution Authorizing a Commitment of $1,200,000 to Affordable Housing Management, Inc., $1,044,878 to Beacon Management Corporation, $800,000 to Trinity Housing Development LLC, and $607,236 to Affordable Housing Management, Inc., for Multi-Family Affordable Housing Development Projects
Body
Council Priority: Maintain Infrastructure and provide Sustainable Growth Opportunities
Department: Neighborhood Development
Council District: 1, 2 and 5
Public Hearing: No
Advertising Date/By: N/A
Contact 1 and Phone: Stan Wilson, 373-2509
Contact 2 and Phone: Cynthia Blue, 433-7376
PURPOSE:
City Council consideration is requested for allocation of federal HOME program and 2016 Housing Bond funds to multi-family affordable housing development projects which are competing for awards of Low Income Housing Tax Credits from the North Carolina Housing Finance Agency.
BACKGROUND:
In January 2020 the City issued a request for proposals for multi-family affordable housing development projects limited to those projects which had filed a preliminary application with the North Carolina Housing Finance Agency for Low Income Housing Tax Credits. Seven applications were received. The proposals were reviewed under a competitive scoring system and financial underwriting review. The project recommendations were considered by the Planning Board at their May 20, 2020 meeting and the following projects are recommended for financial commitments:
* Redhill Pointe - 2983 W. Vandalia Rd - Affordable Housing Management, Inc.
$1,200,000 HOME funds for new construction of 84 units for families between 30% and 60% AMI, $13.65 million total development cost; 0% interest, 20 year term
* Appert Farm - 2571 16th St - Beacon Management Corporation
$1,044,878 HOME funds for new construction of 72 units for families beween 30% and 60% AMI, $11.78 million total development cost; 1% interest, 20 year term
* The Lofts at Elmsley Crossing - 506-511 Kallamdale Rd - Trinity Housing Developmen...
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