Title
Affordable Housing Development Support Requests
Action
Action:
A. Approve up to $13,712,000 in Housing Trust Fund allocations for the following affordable housing developments contingent upon their receiving a Low-Income Housing Tax Credit award from the North Carolina Housing Finance Agency, where applicable:
* Kendall Crossing Apartments, $4,975,000 (four percent Low-Income Housing Tax Credit) in Council District 3,
* River District Apartments, $900,000 (non- Low-Income Housing Tax Credit) in Council District 3,
* Weddington Road Apartments, $3,990,000 (four percent Low-Income Housing Tax Credit) in Council District 7,
* Aveline at Newell Townhomes, $702,000 (Homeownership) in Council District 4,
* Unity Oaks, $1,395,000 (Homeownership) in Council District 4,
* Ellington Townhomes, $1,750,000 (Homeownership) in Council District 1,
B. Approve up to $2,000,000 in Housing Trust Fund allocations for the Dream Center Campus (Transitional Housing) in Council District 1,
C. Approve up to $4,250,000 in Housing Trust Fund allocations for the Mecklenburg County hotel conversion (Non-Congregate Shelter) in Council District 2, and
D. Authorize the City Manager or his designee to execute, amend, modify, and renew contracts and other required documents to complete the transactions.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Michael Englehart, Housing and Neighborhood Services
Explanation
* On June 13, 2025, the city issued a Housing Development Funding Request for Proposals (RFP) to aid in the production of affordable housing units. This is the second RFP since Council's adoption of the Affordable Housing Funding Policy.
* In response to the RFP, eight proposals were received seeking various types of gap financing support including four percent tax credits from the North Carolina Housing Finance Agency (NCHFA). Three of the proposals (River District Apartments, Weddington Road A...
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