Title
INLIVIAN Housing Revenue Bond Issuance Approval for The Vue at Honeywood Apartments
Action
Action:
Adopt a resolution granting INLIVIAN's request to issue multi-family housing revenue bonds in an amount not to exceed $17,000,000 to finance the development of an affordable housing development known as The Vue at Honeywood Apartments.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
* The action will not further 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 multi-family housing revenue bonds for The Vue at Honeywood Apartments, a 108-unit new construction affordable housing development (Development) to be developed, owned, and operated by The Vue at Honeywood Avenue, LLC, an affiliate of Trinity Housing Development (Developer), or an affiliated or related entity.
* The Development will be located on approximately seven acres located at Honeywood Avenue (parcel identification numbers 069-144-04, 069-144-05, 069-144-06, 069-144-07, 069-144-08, 069-144-09, 069-144-10, 069-144-11, 069-144-12, 069-144-13, and 069-144-14), located in Council District 2, and will serve households earning 80 percent and below the Area Median Income (AMI).
* The action further supports City Council's April 24, 2023, approval of $3,456,000 Housing Trust Fund support for this Development.
* Additionally, on June 24, 2024, City Council adopted a resolution authorizing INLIVIAN to issue up to $14,600,000 in multi-family housing revenue bonds for the Development. As a result of increasing construction costs, the Developer has experienced a financing g...
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