Title
INLIVIAN Housing Revenue Bond Issuance Approval for Sycamore Station II Apartments
Action
Action:
Adopt a resolution granting INLIVIAN’s request to issue new multi-family housing revenue bonds in an amount not to exceed $26,000,000, to finance the development of an affordable housing development known as Sycamore Station II.
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 Sycamore Station II, a 168-unit new construction affordable housing development to be developed, owned, and operated by Sycamore Station II, LLC, an affiliate of Winterwood Development (Developer) or an affiliated or related entity.
§ The development will be located on approximately 10 acres at the intersection of Milton Road and Barrington Drive (parcel identification number 099-211-26) located in Council District 1.
§ The development will serve households earning up to 60 percent of the Area Median Income.
§ The INLIVIAN bonds, not to exceed $26,000,000, will be used to finance land acquisition and construction of the development.
§ This action further supports City Council’s September 25, 2023, approval of $1,700,000 housing development fund support for the development ($1,200,000 Housing Trust Fund and $500,000 HOME Investment Partnership Program).
Background
§ In conjunction with the Developer’s request for city housing development fund support, 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 the Developer’s application pursuant to its Qualified Allocation Plan and awarded the requested four percent tax credits and bond allocation capacity 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 a direct interest. The INLIVIAN board of directors approved the issuance of the new multi-family housing revenue bonds on October 15, 2024.
Attachments
Attachment(s)
Resolution
Map