Title
Bond Issuance Approval for Evoke Living at Westerly Hills Apartments
Action
Action:
Adopt a resolution granting INLIVIAN's (formerly known as the Charlotte Housing Authority) request to issue multi-family housing revenue bonds, in an amount not to exceed $18,100,000, to finance the development of an affordable housing development known as Evoke Living at Westerly Hills Apartments.
Body
Staff Resource(s):
Pamela Wideman, 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 Service Code of 1986, which requires the issuance of housing bonds be approved by the local governmental unit with jurisdiction over the area where the development is located.
* INLIVIAN (formerly the Charlotte Housing Authority) is requesting that City Council adopt a resolution authorizing the issuance of multi-family housing revenue bonds for the Evoke Living at Westerly Hills development, a 156-unit new construction affordable housing development, to be developed, owned, and operated by Westerly Hills Housing, LLC, an affiliate of Horizon Development Properties, Inc. (HDP) and Crosland Southeast.
* The development will be located at 2503 Westerly Hills Drive in Council District 3 and will serve households earning up to 80 percent of the Area Median Income.
* The INLIVIAN bonds, which are not to exceed $18,100,000, will be used to finance land acquisition and construction of the development.
* The bonds are part of the developer's financing plan that includes a $2,000,000 Housing Trust Fund allocation approved by City Council on July 22, 2019.
Background
* HDP, a nonprofit development company, is a wholly-owned subsidiary of INLIVIAN.
* HDP and Crosland Southeast applied for Housing Trust Fund support from the city, together with Charlotte Housing Opportunity Investment Fund support from Local Initiatives Support Corporation (LI...
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