Title
Affordable Housing Development Support Requests
Action
Action:
A. Adopt a resolution authorizing the transfer of vacant parcels to subsidiaries of DreamKey Partners, Inc. (formerly the Charlotte-Mecklenburg Housing Partnership, Inc.). Seven vacant parcels of land located on or near LaSalle Street ("Phoenix Rising") will be conveyed to CMHP Phoenix Rising, LLC, and 12 vacant parcels of land, together with their allocated interest in one common area parcel located on or near LaSalle Street ("Vantage Pointe"), to CMHP Vantage Pointe, LLC, for the purpose of developing a minimum of 37 affordable, for-sale units in the two separate affordable housing developments which are located along the Beatties Ford Road Corridor,
B. Approve an amount up to $1,895,000 in Federal HOME funds for the affordable housing developments ("Vantage Pointe" and "Phoenix Rising"), and
C. Authorize the City Manager, or his designee, to negotiate and execute all necessary documents to complete the transactions in conformity herewith.
Body
Staff Resource(s):
Tony Korolos, General Services
Phil Reiger, General Services
Pamela Wideman, Housing and Neighborhood Services
Explanation
* On August 27, 2018, City Council adopted the Housing Charlotte Framework (Framework), which includes three pillars as a strategy for expanding and improving the supply of affordable housing in the Charlotte community: building new affordable housing, preserving existing affordable housing, and supporting family-self-sufficiency initiatives.
* Approval of this request is consistent with the Framework and will create a minimum of 37 newly constructed affordable homeownership opportunities along the Beatties Ford Road Corridor, one of the city's Corridors of Opportunity.
* Approval of this request supports the city's Corridors of Opportunity work and will assist in mitigating gentrification along the Beatties Ford Corridor by providing new homeownership opportunities for low- and moderate-income homebu...
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