Title
Sale of City-Owned Land for Affordable Housing
Action
Action:
Adopt a resolution approving the sale of approximately 1.16 acres of city-owned property at 3924 and 3932 Freedom Drive (parcel identification numbers 063-052-04 and 063-052-05) to Prosperity Freedom Drive, LLC for $1 for the development of affordable, for-sale housing units, and
Authorize the City Manager, or his designee, to negotiate and execute all documents necessary to complete the sale of the property.
Body
Staff Resource(s):
Raquishela Stewart, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Greg Crawford, General Services
Explanation
The city owns approximately 1.16-acres at 3924 and 3932 Freedom Drive (collectively, the Property) in the Freedom Drive-Wilkinson Boulevard Corridor of Opportunity in Council District 2.
On November 26, 2024, the city issued a Request for Proposals (RFP) for affordable housing developments on city-owned properties, including the Freedom Drive parcels.
Two responses to the RFP were received for the Property. A joint proposal from Prosperity Freedom Drive, LLC, an affiliate of Prosperity Alliance (Developer) and True Homes (Builder) (together, the Development Team) was selected based on their qualifications, experience, cost, and responsiveness to RFP requirements.
Both the Developer and Builder are experienced affordable housing developers that offer a community, mission-oriented approach with a focus on affordable homeownership especially for households impacted by disparities in homeownership.
The proposed development will include the following terms:
A minimum of 12 new construction for-sale residential townhome units;
Three units will be affordable to households earning at or below 60 percent of the area median income (AMI), and nine units will be affordable to families earning at or below 80 percent of the AMI, with unit sales prices not to exceed the then-applicable House Charlotte sales price limit;
An aff...
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