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File #: 15-13713    Version: 1 Name:
Type: Consent Item Status: Agenda Ready
File created: 7/2/2020 In control: City Council Business Meeting
On agenda: 7/27/2020 Final action:
Title: Bond Issuance Approval for Fairmarket Plaza
Attachments: 1. Fairmarket Plaza - City Council Approval in Principle and Certificate of PH.pdf
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Bond Issuance Approval for Fairmarket Plaza

Adopt a resolution granting INLIVIAN's request to issue multi-family housing revenue bonds, in an amount not to exceed $10,100,000, to finance the acquisition, rehabilitation and equipping of an affordable housing development known as Fairmarket Plaza.

Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services

* 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 (formerly the Charlotte Housing Authority) is requesting that City Council adopt a resolution authorizing the issuance of multi-family housing revenue bonds for Fairmarket Plaza Apartments, a 121-unit multifamily residential rental facility for the purpose of financing acquisition, rehabilitation, and equipping by EREG Fairmarket Plaza LP, a North Carolina limited partnership.
* The development is located at 6427 The Plaza in Council District 5 and will serve households earning up to 80 percent of the Area Median Income (AMI) with income averaging 60 percent of AMI for the entire development.
* The INLIVIAN bonds, which are not to exceed $10,100,000, will be used to finance acquisition, rehabilitation, and equipping of the development.
* There is no Housing Trust Fund allocation or other city financial support affiliated with this development or the approval of this bond issuance.

* The developer applied for four percent low income housing tax credits and housing bond allocation capacity from the North Carolina Housing Finance Agency to finance the acquisition, rehabilitation, and equipping of the development.
* The North Carolina Housing Finance Agency approved the application pursuant to its Qualified Alloc...

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