Title
Bond Issuance Approval for South Village Apartments
Action
Action:
Adopt a resolution granting INLIVIAN's request to issue multi-family housing revenue bonds, in an amount not to exceed $12,000,000, to finance the development of an affordable housing development known as South Village Apartments.
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 South Village Apartments, an 82-unit new construction affordable housing development, to be developed, owned, and operated by Scaleybark Apartments, LLC, a North Carolina limited liability company.
* The development will be located at the intersection of Whitton Street and Dewitt Lane 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 $12,000,000, will be used to finance land acquisition and construction of the development.
* The bonds are part of the developer's financing plan that includes a $3,000,000 Housing Trust Fund allocation approved by City Council on July 22, 2019, and a City land contribution valued at $2,570,000.
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 th...
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