Title
Housing Trust Fund Allocation for Woodlands North Senior Apartments Affordable Housing Development
Action
Action:
A. Approve a $2,250,000 Housing Trust Fund allocation to support the Woodlands North Senior Apartments multi-family housing development, and
B. Authorize the City Manager, or his designee, to execute, amend, modify, and renew contracts and other required documents to complete the transaction.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
§ On April 24, 2023, City Council approved a $2,250,000 HOME Investment Partnership (HOME) allocation for the development of 57 affordable units at the Woodlands North multi-family senior housing development to be developed, owned, and operated by Woodlands North Apartments, LP (Developer), or an affiliate.
§ The development will be located on approximately seven acres in north Charlotte at the intersection of Beatties Ford Road and Mt. Holly-Huntersville Road (parcel identification number 025-161-05), in Council District 4 (Property), and the affordable units will serve senior households aged 55 and older earning 80 percent and below of the area median income (AMI).
§ The project has successfully received a nine percent low-income housing tax credit award, and the development will have a 50-year affordability period.
§ The Property is located near Long Creek and the future Long Creek Greenway, and a portion of the Property lies within a Community Flood Fringe (CFF) area. Development is permitted in CFF areas, and the proposed project improvements in the CFF are minimal.
§ The CFF area was fully disclosed to the U.S. Department of Housing and Urban Development (HUD), and staff worked closely with HUD staff who provided guidance throughout the design process to ensure the project aligned with HUD regulations and would satisfy HOME funding requirements. Due to recent updates to HUD rules, staff in HUD’s regional office have recently advised the city that due to the CFF, HOME funds could not be used without significant redesign and costs to the project. City staff have requested a waiver from HUD due to the minimal planned improvements in the CFF, and while a waiver might be possible with more time, the land purchase option will expire on December 20, 2024.
§ The $2,250,000 Housing Trust Fund allocation will replace the originally programmed HOME allocation and enable the Developer to proceed with acquisition and development of the Woodlands North project. Staff will continue to work closely with the Developer to ensure improvements in the CFF meet approved standards for these types of areas.
Fiscal Note
Funding: Housing Trust Fund
Attachments
Attachment(s)
Map