Title
Affordable Housing Development Support Requests
Action
Action:
A. Adopt resolutions approving land transactions of city-owned properties valued at $4,870,000 for the following multi-family affordable housing developments:
* Parcel Identification Number 080-104-02, valued at $1,320,000, for the development of 7th Street Apartments,
* Parcel Identification Numbers 149-012-47 and 149-012-51, valued at
$2,570,000, for the development of South Village Apartments at Scaleybark
* Parcel Identification Number 143-051-01, valued at $980,000 for the development of Tyvola Road Apartments, and
B. Approve $12,800,000 in Housing Trust Fund allocations for the following multi-family affordable housing developments:
* 7th Street Apartments, $1,500,000
* Abbington On Mt. Holly, $2,000,000
* Evoke Living at Westerly Hills, $2,000,000
* Heritage Park Apartments, $600,000
* North Tryon Homes, $2,000,000
* South Village Apartments at Scaleybark, $3,000,000
* Wendover Walk Apartments, $1,700,000
Body
Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services
Mike Davis, General Services
Tony Korolos, General Services
Explanation
* Local Initiatives Support Corporation (LISC) Partnership:
* In Fiscal Year 2019, City Council approved a partnership with LISC, a national non-profit with a grassroots focus.
* LISC is one of the largest national organizations that supports projects to revitalize communities and bring greater economic opportunity to residents.
* With the addition of the LISC partnership, that manages the private and philanthropic contributions to the Charlotte Housing Opportunity Fund, the cost to the city of creating four percent Tax Credit Development affordable housing units is now less by approximately half of what the city previously contributed.
* Housing Vouchers:
* Recently the city and LISC entered into partnership with the Charlotte Housing Authority (CHA) for project based vouchers.
* Through his partnership, CHA has pledged up to 75 pr...
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