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File #: 15-14101    Version: 1 Name:
Type: Consent Item Status: Agenda Ready
File created: 9/1/2020 In control: City Council Business Meeting
On agenda: 9/14/2020 Final action:
Title: Bond Issuance Confirmation for Midland Commons Apartments
Attachments: 1. Midland Commons Council Confirmation Resolution Affirming TEFRA Approval.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideoAudio
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Title
Bond Issuance Confirmation for Midland Commons Apartments

Action
Action:
Adopt a resolution confirming the September 23, 2019, resolution granting INLIVIAN's request to issue multi-family housing revenue bonds, in an amount not to exceed $3,246,000, to finance the acquisition and rehabilitation of Midland Commons 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.
* This action confirms City Council's prior adoption of a resolution on September 23, 2019, authorizing INLIVIAN to issue multi-family housing revenue bonds for Midland Commons Apartments, a 60-unit existing affordable housing development, to be owned, rehabilitated, and operated by National Church Residences. The development is located at 2457 Midland Avenue in Council District 3.
* The developer's financing from the U.S. Department of Housing and Urban Development (HUD) has been delayed due to the pandemic. As a result, INLIVIAN's issuance of multi-family housing revenue bonds has also been delayed. Pursuant to the federal tax code, if a developer does not close on multi-family housing revenue bonds within a year of the original resolution's adoption, the local governmental unit with jurisdiction over the area where the development is located must confirm its original resolution.
* The INLIVIAN bonds, which are not to exceed $3,246,000, will be used to finance acquisition and rehabilitation 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, as well as funding from HUD, to finance the ac...

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