Title
Bond Issuance Approval for Evoke Living at Ballantyne
Action
Action:
Adopt a resolution granting INLIVIAN's request to issue new multi-family housing revenue bonds, in an amount not to exceed $11,500,000, to finance the development of an affordable housing development known as Evoke Living at Ballantyne.
Body
Staff Resource(s):
Rebecca Hefner, Housing & Neighborhood Services
Warren Wooten, Housing & Neighborhood Services
Explanation
* This action does 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 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 multi-family housing revenue bonds for Evoke Living at Ballantyne, a 60-unit new construction multi-family affordable housing development to be developed, owned, and operated by Ballantyne Housing, LLC, an affiliate of CSE Communities, LLC (Crosland) and its partners, or an affiliated or related entity.
* The development will be located on approximately 3.37 acres at Providence Road West and Ballancroft Parkway (parcel identification number 223-132-40 and a portion of 223-132-39) in Council District 7 and will serve households earning 80 percent and below the Area Median Income.
* The INLIVIAN bonds, not to exceed $11,500,000, will be used to finance the construction of the development.
* This action further supports City Council's April 24, 2023, approval of $3,100,000 Housing Trust Fund gap financing support, and January 8, 2024, approval of the terms of the city-owned land ground lease option and lease.
Background
* In conjunction with the Developer's request for Housing Trust Fund support, the developer applied for four percent low-income housing tax credits and a housing bond allocation capacity...
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