Title
Naturally Occurring Affordable Housing Preservation Support for 1001 Tyvola Apartments
Action
Action:
A. Approve a Housing Trust Fund allocation in the amount of $3,500,000 to 1001 Tyvola CSLC LP for the acquisition of the 1001 Tyvola Apartments, and
B. Authorize the City Manager, or his designee, to negotiate, execute, amend, and renew contracts as needed to complete these transactions.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
* In 2024, the city issued a rolling Request for Proposals (RFP) for the acquisition and rehabilitation of naturally occurring affordable housing (NOAH), which serves to provide opportunities to NOAH developers/owners to be responsive to quickly changing market conditions and allows the city to evaluate proposals on a rolling basis as market opportunities arise.
* 1001 Tyvola CSLC LP, a North Carolina limited liability partnership (Developer) and affiliate of Community Solutions International, Inc., proposes to acquire 1001 Tyvola Apartments, an existing 297-unit multi-family NOAH development originally constructed in 2021 and situated on approximately 6.6 acres at 2051 Establishment Way (parcel identification number 169-084-02) in Council District 3. The property is located near the intersection of Tyvola Road and Old Pineville Road, and approximatly 0.25 miles from the Tyvola Blue Line Station.
* The property meets the city's NOAH preservation goals which include:
* Rents are in the area median income (AMI) range that are at risk due to surrounding neighborhood dynamics;
* Property can maintain a good quality of life for residents for the next 20 years or more; and
* Property is located in an area experiencing transformative change and property appreciation.
* The Developer, in response to the city's NOAH RFP, is requesting $3.5 million for the acquisition of the property.
* The city's support will include the following terms for...
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