Title
Housing Funding Support Requests
Action
Action:
Approve $11,844,500 in Housing Trust Fund allocations for the following multi-family developments (contingent upon their receiving nine percent tax credits from the North Carolina Housing Finance Agency):
* Abbington Westside, $1,575,000,
* Brookwood Apartments, $1,525,000,
* Connelly Creek Apartments, $1,996,500,
* Mayfield at Sugaree, $1,750,000,
* Parkside At Hickory Grove, $1,750,000,
* Rosewood Commons II, $520,000,
* Sugar Creek Greene, $1,368,000, and
* The Park Seniors, $1,360,000
Body
Committee Chair:
LaWana Mayfield, Housing and Neighborhood Development
Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services
Miles Vaughn, Housing and Neighborhood Services
Explanation
* On November 26, 2001, City Council established the Housing Trust Fund (HTF) to provide financing for diverse price point housing in the Charlotte area.
* On May 14, 2018, City Council adopted the U.S. Department of Housing and Urban Development's Annual Action Plan (Plan). The Plan:
* Identifies the need for affordable, safe and decent housing for low and moderate-income families, and
* Reaffirms three basic goals of the city's Housing Policy:
* Preserve the existing housing stock,
* Expand the supply of affordable housing, and
* Support family self-sufficiency initiatives.
* On August 27, 2018, City Council adopted the Housing Charlotte Framework which recommends expanding the supply of high-quality rental housing. Approval of this funding supports the Council's commitment to expand the supply of diverse price point housing goals.
* Support of HTF allocations demonstrates local alignment with state-supported affordable housing developments and allows for the local leveraging of tax credit awards.
* To aid in the production of diverse price point housing units, Housing and Neighborhood Services issued a Request for Funding in January 2019.
* As a result, funding requests were received from eight developments that...
Click here for full text