Title
INLIVIAN Housing Revenue Bond Issuance Approval for Central at Old Concord Apartments
Action
Action:
Adopt a resolution granting INLIVIAN's request to issue new multi-family housing revenue bonds in an amount not to exceed $28,400,000 to finance the development of an affordable housing development known as Central at Old Concord.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, 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 Code of 1986, which requires the issuance of housing bonds to 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 Central at Old Concord, a 200-unit new construction affordable housing development to be developed, owned, and operated by Central at Old Concord, LP, an affiliate of The Annex Group (Developer) or an affiliated or related entity.
* The development will be located on approximately 3.5 acres at 5703 North Tryon Street (parcel identification number 089-201-04), located in Council District 1.
* The development will serve households earning up to 80 percent of the Area Median Income.
* The INLIVIAN bonds, not to exceed $28,400,000, will be used to finance land acquisition and construction of the development.
* This action further supports City Council's September 25, 2023, approval of $4,200,000 Housing Trust Fund support for the development.
Background
* In conjunction with the Developer's request for city housing development fund support, the Developer applied for four percent low-income housing tax credits and housing bond allocation capacity from the North Carolina Housing Finance Agency to help finance the land acquisition and construc...
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