Title
Bond Issuance Approval for Linden Village Apartments
Action
Action:
Adopt a resolution granting INLIVIAN’s request to issue new multi-family housing revenue bonds in an amount not to exceed $38,500,000 to finance the development of an affordable housing development known as Linden Village Apartments.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
§ This action will not obligate the city financially or impact the Capital Investment Plan and is requested to satisfy Section 147(f) of the Internal Revenue Code of 1986, which requires the issuance of housing bonds to be approved by the local governmental unit with jurisdiction over the area where the development is located.
§ INLIVIAN is requesting that City Council adopt a resolution authorizing the issuance of new multi-family housing revenue bonds for Linden Village Apartments, an approximately 238-unit new construction affordable housing development to be developed, owned, and operated by Roers Charlotte Apartments, LLC, a Minnesota limited liability company (Developer), or an affiliated or related entity.
§ The development will be located on approximately 17 acres at the intersection of Gibbon Road and Old Statesville Road (parcel identification numbers 045-451-10 and 045-451-03) in Council District 2 and will serve households earning up to 80 percent of the Area Median Income.
§ The INLIVIAN bonds, not to exceed $38,500,000, will be used to finance land acquisition and construction of the development.
§ There is no Housing Trust Fund allocation or other city financial support affiliated with this development.
Background
§ The Developer applied for four percent low-income housing tax credits and housing bond allocation capacity from the North Carolina Housing Finance Agency to help finance the land acquisition and construction of the development.
§ The North Carolina Housing Finance Agency approved a four percent tax credit and bond allocation capacity totaling $38,500,000 for the development. Tax credit and bond allocations are subject to federal income limits, set-aside rules, and include deed restrictions.
§ INLIVIAN, as a public housing authority, is duly authorized to issue housing bonds to finance developments that serve persons of low and moderate income, including developments in which it does not have an interest. The INLIVIAN board of directors approved the issuance of the multi-family housing revenue bonds on December 20, 2022.
Attachments
Attachment(s)
Map
Resolution