Title
Allen Street Residential, LLC Bond Issuance Approval
Action
Action:
Adopt a resolution granting the Charlotte Housing Authority’s request to issue multi-family housing revenue bonds, in an amount not to exceed, $8,000,000, to finance the development of Allen Street Residential, LLC.
Body
Staff Resource(s):
Pamela Wideman, Neighborhood & Business Services
Zelleka Biermann, Neighborhood & Business Services
Explanation
§ The Charlotte Housing Authority (CHA) is requesting the City adopt a resolution authorizing the issuance of multi-family housing revenue bonds for Allen Street Residential, LLC, a 112-unit affordable housing development community located at 1322 Allen Street, serving both family and senior households.
§ The CHA bonds, not to exceed $8,000,000, will be used to finance a portion of the construction of the development.
§ Approval of this request is required by the governmental unit having jurisdiction over the area where the development is located to satisfy Section 147(f) of the Internal Revenue Service Code of 1986 and will not obligate the City financially or impact the proposed Community Investment Plan.
§ Laurel Street Residential, LLC. is the developer of the Allen Street Residential, LLC.
Background
§ On April 27, 2015, the City Council approved a $4,350,000 Housing Trust Fund (HTF) allocation to support the development of Allen Street Residential, LLC.
§ In August 2015, the North Carolina Housing Finance Agency approved a 4% tax credit allocation and a bond allocation capacity totaling $8,000,000 to be leveraged with the City’s HTF allocation and used for the Allen Street Residential, LLC affordable housing development community.
§ The development will bring high-quality, affordable rental housing to the Belmont community.
Attachments
Attachment
Charlotte Housing Authority Resolution
City of Charlotte Resolution