Title
INLIVIAN Housing Revenue Bond Issuance Approval for Trella Uptown Apartments
Action
Action:
Adopt a resolution granting INLIVIAN’s request to issue new multi-family housing revenue bonds in an amount not to exceed $3,000,000 to finance the development of an affordable housing development known as Trella Uptown Apartments.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
§ The action will not further 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 the Trella Apartments which is developed, owned, and operated by 8th & Tryon AUOE, LLC, a North Carolina limited liability company and subsidiary of Horizon Development Properties/INLIVIAN (Developer).
§ The city-supported development consists of 106 affordable housing units serving households earning 80 percent and below the Area Median Income (AMI) and situated on approximately 2.2 acres at 426 North Tryon Street in Council District 1.
§ The building also contains 247 market rate apartment units owned by a separate entity. The market rate units are neither financed with the bonds nor supported with the city’s 2021 Housing Trust Fund (HTF) allocation.
§ This action further supports City Council’s September 27, 2021, approval of $3.2 million HTF support for the affordable units, and its November 28, 2022, resolution authorizing INLIVIAN to issue $17 million in initial multi-family housing revenue bonds. As a result of increasing construction costs, the Developer has experienced a financing gap and has requested the additional $3 million in bonds to fill the gap.
Background
§ In conjunction with the Developer’s request for city housing development support, the Developer applied for four percent low-income housing tax credits and a housing bond allocation capacity from the North Carolina Housing Finance Agency (NCHFA) to help finance the land acquisition and construction of the Development, both of which received approval from the NCHFA.
§ Tax credit and bond allocations are subject to federal income limits and 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 has an indirect interest. The INLIVIAN board of directors approved the issuance of the new multi-family housing revenue bonds on September 16, 2025.
Attachments
Attachment(s)
Map
Resolution