Title
Havenridge at Sharon Amity Affordable Housing Development Support Request
Action
Action:
A. Approve a $6,000,000 Housing Trust Fund allocation for the Havenridge at Sharon Amity affordable housing development in Council District 5, contingent upon it receiving a four percent Low-Income Housing Tax Credit award from the North Carolina Housing Finance Agency, and
B. Authorize the City Manager, or his designee, to execute, amend, modify, and renew contracts and other required documents as needed to complete the transaction.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Michael Englehart, Housing and Neighborhood Services
Explanation
* On November 27, 2024, the city issued a Housing Development Funding Request for Proposals (RFP) to aid in the production of affordable housing units. This is the first RFP since Council's adoption of the Affordable Housing Funding Policy.
* In response to the RFP, 15 proposals were received seeking various types of gap financing support including nine percent and four percent tax credits from the North Carolina Housing Finance Agency (NCHFA), including a proposal for the Havenridge at Sharon Amity development. Two of the proposals were subsequently withdrawn by the developers.
* Approval of the recommended Housing Trust Fund allocation will add 120 affordable rental housing units in Council District 5.
* The development met all submission requirements. Additionally, the evaluation process included assessing the proposal for alignment with Council policies, goals, and priorities including the Affordable Housing Funding Policy, ensuring developer experience, achieving long-term affordability, creating mixed-income opportunities in areas of opportunity, and maximizing the leverage of available resources.
* The NCHFA will base its final tax credit awards on variables such as market demand and local housing needs, ability to serve qualified residen...
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