Title
Bond Reissuance Approval for Allen Street Residences
Action
Action:
Adopt a resolution granting INLIVIAN's request to reissue multi-family housing revenue bonds, in an amount not to exceed $8,000,000, to restructure the permanent financing of Allen Street Residences.
Body
Staff Resource(s):
Pamela Wideman, 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 Service Code of 1986, which requires the issuance of housing bonds be approved by the local governmental unit with jurisdiction over the area where the development is located.
* INLIVIAN is requesting the city to adopt a resolution authorizing the reissuance of multi-family housing revenue bonds for Allen Street Residences, a 112-unit affordable housing development community owned and operated by Allen Street Residential, LLC, an affiliate of Laurel Street Residential, LLC, in partnership with St. Paul Baptist Church.
* City Council originally approved this action on November 23, 2015. This subsequent action is necessary to enable the developer to convert their construction financing to permanent financing and is necessary to satisfy Section 147(f) of the IRS Code of 1986. The conversion is scheduled to occur on June 1, 2020.
* The development was completed and placed in service in 2017. The development is located at 1322 Allen Street in the Belmont community in Council District 1 and serves senior and family households earning up to 60 percent of the Area Median Income.
* The bonds are part of the developer's original financing plan that includes a $4,350,000 Housing Trust Fund (HTF) allocation approved by City Council on April 27, 2015.
Background
* In 2015, the developer applied for Housing Trust Fund support from the city, and four percent low income housing tax credits and a housing bond allocation from the North Carolina Housing Finance Ag...
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