Title
Affordable Housing Development Support for Five Points Land Acquisition
Action
Action:
A. Approve up to $4,131,000 in combined Housing Trust Fund and Transit Oriented Development Affordable Housing Development Bonus Program Fee-in-Lieu funds to support Historic West End Partners, Inc.'s acquisition of property at Five Points on West Trade Street for affordable housing development, and
B. Authorize the City Manager, or his designee, to negotiate, execute, amend, and renew contracts and other required documents as needed to complete this transaction.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
* In 2024, the city issued a rolling Transit Oriented Development (TOD) Land Acquisition Request for Proposals (RFP) to support developer acquisition of land along transit lines for future affordable housing, in the form of a short-term loan.
* The rolling RFP allows the city to evaluate proposals on a rolling basis and allows developers to be responsive to quickly changing market conditions.
* When proposals seeking land acquisition support are approved by the city, staff will then continue to work with the developer over the term of the loan to finalize project concepts for the development of affordable housing on the property in alignment with the requirements of the Affordable Housing Funding Policy and City Council priorities.
* Historic West End Partners, Inc., a North Carolina 501(c)(3) non-profit corporation, (Developer) has requested a $4,131,000 short-term loan for their acquisition of approximately 1.25 acres along the Gold Line, located at 1711, 1717, 1721, 1727, and 1735 West Trade Street (parcel identification numbers 071-108-01, 071-108-17, 071-108-18, 071-108-19, and 071-108-20) (Property) in Council District 2.
* The Developer is proposing a future mixed-use development with an affordable housing component on the Property. The Property is zoned NC (Neighb...
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