Title
Bond Issuance Approval for Freedom Flats
Action
Action:
Adopt a resolution granting INLIVIAN's request to issue multi-family housing revenue bonds, in an amount not to exceed $28,000,000, to finance the development of an affordable housing development known as Freedom Flats.
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 (formerly the Charlotte Housing Authority) is requesting that City Council adopt a resolution authorizing the issuance of multi-family housing revenue bonds for Freedom Flats, a 220-unit new construction affordable housing development, to be developed, owned, and operated by ECG Freedom, LP, a North Carolina limited partnership.
* The development will be located at 4925 Freedom Drive in Council District 3 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 $28,000,000, will be used to finance land acquisition and construction 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.
Background
* 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 land acquisition and construction of the development.
* The North Carolina Housing Finance Agency approved the application pursuant to its Qualified Allocation Plan and awarded the requested four percent tax credits and bond allocation capacity to...
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