Title
Bond Issuance Approval for Dillehay Courts Apartments
Action
Action:
Adopt a resolution granting INLIVIAN's request to issue multi-family housing revenue bonds, in an amount not to exceed $17,500,000, to finance the development of an affordable housing development to be known as Dillehay Courts 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 to be approved by the local governmental unit with jurisdiction over the area where the development is located.
* This action further supports City Council's April 27, 2020, approval of a $2,000,000 Housing Trust Fund allocation.
* INLIVIAN is requesting that City Council adopt a resolution authorizing the issuance of multi-family housing revenue bonds for Dillehay Courts Apartments, a 144-unit new construction affordable housing development to be developed, owned, and operated by Horizon Development Properties, Inc. (HDP), a North Carolina limited liability corporation and INLIVIAN's nonprofit affiliate.
* The existing Dillehay Courts apartments are being demolished and will be replaced with the new construction units financed with the bonds.
* The bonds are part of the developer's financing plan that includes a $2,000,000 Housing Trust Fund allocation approved by City Council on April 27, 2020.
* The development will be located at 324 West 30th Street in Council District 1 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. Of the 144 new units, 36 will serve households that earn 30 percent of AMI or less.
* The INLIVIAN bonds, which are not to exceed $17,500,000, will be used to finance land acquisition and construction of the development.
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