Title
Resolution Authorizing a Commitment of $1,500,000 to Affordable Housing Management, Inc., $920,000 to FGM Development, LLC, and $1,100,000 to Trinity Housing Development, LLC 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, 336-373-2509
Contact 2 and Phone: Cynthia Blue, 336-433-7376
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 February 2021 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 [NCHFA] for Low Income Housing Tax Credits [LIHTC]. Four applications were received. The proposals were reviewed under a competitive scoring system and financial underwriting review. Three projects are recommended for financial commitments at this time:
* Vandalia Acres - 2985 W. Vandalia Rd - Affordable Housing Management, Inc.
$1,500,000 Housing Bond or HOME funds for new construction of 96 units for families between 30% and 60% AMI, $16.1 million total development cost; 0% interest, 20 year term
* Yanceyville Place - 2005 Mitchell Ave - FGM Development, LLC
$920,000 HOME funds for new construction of 84 units for families between 30% and 80% AMI, $13.5 million total development cost; 2% interest, 20 year term
* The Lofts at Elmsley Crossing - 506-511 Kallamdale Rd - Trinity Housing Development, LLC $1,100,000 HOME funds for new construction of 84 units for families between 30% and 80% AMI, $14.8 million ...
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