Title
INLIVIAN Housing Revenue Bond Issuance Approval for Weddington Road Apartments
Action
Action:
Adopt a resolution granting INLIVIAN’s request to issue new multi-family housing revenue bonds in an amount not to exceed $15,000,000 to finance the development of an affordable housing development known as Weddington Road Apartments.
Body
Staff Resource(s):
Raquishela Stewart, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
The 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 the Weddington Road Apartments, a 85-unit new construction affordable housing development to be developed, owned, and operated by Weddington Road Apartments, LLC, a North Carolina limited liability company (Developer) or an affiliated or related entity.
The development will be located on approximately 6.7 acres at 3900 Weddington Road (parcel identification number 231-094-79) in District 7, and will serve households earning up to 60 percent of the area median income.
The INLIVIAN bonds in an amount not to exceed $15,000,000 will be used to finance land acquisition and construction of the development.
This action further supports City Council’s April 25, 2016, and October 27, 2025, approval of $7,140,000 Housing Trust Fund support for the development.
Background
The Developer applied for four percent low-income housing tax credits and a housing bond allocation capacity from the North Carolina Housing Finance Agency (NCHFA) to help finance the land acquisition and construction of the Development, both of which received approval from the NCHF...
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