Title
Bond Issuance Approval for Springbrook Apartment Homes
Action
Action:
Adopt a resolution granting INLIVIAN’s (formerly known as the Charlotte Housing Authority) request to issue multi-family housing revenue bonds in an amount not to exceed $28,500,000 to finance the development of an affordable housing development known as Springbrook Apartment Homes.
Body
Staff Resource(s):
Pamela Wideman, 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 Service Code of 1986, which requires the issuance of housing bonds be approved by the local governmental unit with jurisdiction over the area where the development is located.
§ INLIVIAN (formerly the Charlotte Housing Authority) is requesting that City Council adopt a resolution authorizing the issuance of multi-family housing revenue bonds for Springbrook Apartment Homes, a 198-unit new construction affordable housing development, to be developed, owned, and operated by Pedcor Investments.
§ The development will be located at 2299 Scott Futrell Drive in Council District 3 and will serve households earning up to 60 percent of the Area Median Income.
§ The INLIVIAN bonds, which are not to exceed $28,500,000, will be used to finance land acquisition and construction of the development.
§ There is no Housing Trust Fund or other city financial support affiliated with this development.
Background
§ Pedcor Investments applied for four percent low income housing tax credits and a housing bond allocation capacity from the North Carolina Housing Finance Agency to finance the land acquisition and construction of the development.
§ The North Carolina Housing Finance Agency approved the application pursuant to its Qualified Allocation Plan, and awarded the requested four percent tax credits and bond allocation capacity totaling $28,500,000 for the development. Tax credit and bond allocations are subject to federal income limits and set-aside rules, and include deed restrictions.
§ INLIVIAN agreed to assist in financing the development by issuing the bonds; INLIVIAN has no further interest in the development beyond acting as the bond issuer.
§ INLIVIAN, as a public housing authority, is duly authorized to issue housing bonds to finance developments that serve persons of low to moderate income, including developments in which it does not have a direct interest.
Attachments
Attachment(s)
City of Charlotte Resolution
Charlotte Housing Authority (now known as INLIVIAN) Resolution for Springbrook Apartments