Title
Resolution Authorizing a Commitment of $1,036,681 to Partnership Homes, Inc. for the Partnership Place Apartments Supportive Housing Development Project
Body
Council Priority: Maintain Infrastructure and provide Sustainable Growth Opportunities; Promote Public Safety and Reduce Crime
Department: Neighborhood Development
Council District: 1
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 is requested to approve a revised City loan commitment of $1,036,681 in 2016 Housing Bonds and Community Development Block Grant funds to Partnership Homes, Inc., and conversion of an existing City loan with current approximate total $513,423 to deferred forgivable status, for the acquisition and rehabilitation of 31 units located at 603 West Terrell Street for use as supportive housing for families, with a preference for formerly homeless families and those affected by COVID-19.
BACKGROUND:
In October 2017, Council approved a loan to Partnership Homes, Inc., for the acquisition and rehabilitation of 37 units at 603 West Terrell Street for affordable supportive family housing. Subsequent to that approval, but before loan closings, there was a fire with 6 units destroyed, water damage and asbestos contamination at the site.
Partnership Homes, Inc., has worked with the North Carolina Housing Finance Agency [NCHFA] to secure a $600,000 Supportive Housing Development Program rehabilitation loan and the Federal Home Loan Bank of Atlanta to secure a $500,000 rehabilitation grant. NCHFA will also allow Partnership Homes to assume the balance of an existing $401,942 NCHFA loan to the current owner, Kingsgate Housing LLC. Rents are $560 per month for 2 bedroom townhouse style units. The Sandhills Center will provide referrals, case management and rental support under their Transitions to Community Living Initiative for six units. Greensboro Urban Ministry will als...
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