Title
Bond Issuance Approval for North Tryon Homes
Action
Action:
Adopt a resolution granting INLIVIAN's request to issue multi-family housing revenue bonds, in an amount not to exceed $2,500,000, to finance the development of an affordable housing development known as North Tryon Homes.
Body
Staff Resource(s):
Shawn Heath, City Manager's Office
Rebecca Hefner, 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 is requesting that City Council adopt a resolution authorizing the issuance of new multi-family housing revenue bonds for North Tryon Homes, a 180-unit new construction affordable housing development, to be developed, owned, and operated by North Tryon Homes, LLC, a North Carolina limited liability company.
* The development is currently under construction, is located at 5301 North Tryon Street in Council District 4, and will serve households earning up to 80 percent of the Area Median Income (AMI) with income averaging of 60 percent of AMI for the entire development.
* This action further supports City Council's July 22, 2019, approval of a $2,000,000 Housing Trust Fund allocation for the development. Additionally, on July 27, 2020, City Council approved INLIVIAN's request to issue initial multi-family housing revenue bonds in the amount of $22 million.
* The new INLIVIAN bonds, which are not to exceed $2,500,000, are being requested for additional expenses experienced by the developer as a result of increasing construction costs and will be used to finance completion of the development.
Background
* The developer applied for four percent low-income housing tax credits and the initial and new housing bond alloca...
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