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File #: 15-15548    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 4/7/2021 In control: City Council Business Meeting
On agenda: 4/26/2021 Final action:
Title: Affordable Housing Development Support Requests
Attachments: 1. Housing Funding Support Requests_City Council Action Review 4.12.21
Title
Affordable Housing Development Support Requests

Action
Action:
Approve $25,815,000 in Housing Trust Fund allocations for the following multi-family rental affordable housing developments contingent upon their receiving a Low-Income Housing Tax Credit award from the North Carolina Housing Finance Agency:
* Evoke Living at Eastland, $1,600,000 (9% LIHTC), in Council District 5,
* First Ward Place Phase I, $2,000,000 (9% LIHTC), in Council District 1,
* Fordham Place, $1,645,000 (9% LIHTC), in Council District 3,
* Galloway Crossing, $1,560,000 (9% LIHTC), in Council District 5,
* Guardian Angel Villa II, $1,700,000 (9% LIHTC), in Council District 3,
* Marvin Road Apartments, $1,700,000 (9% LIHTC), in Council District 1,
* Ovata at Reedy Creek, $480,000 (9% LIHTC), in Council District 4,
* Evoke Living at Morris Field, $3,000,000 (4% LIHTC), in Council District 3,
* Fairhaven Glen, $2,000,000 (4% LIHTC), in Council District 3,
* Grounds for Change, $2,000,000 (4% LIHTC), in Council District 1,
* Sugar Creek Apartments, $3,000,000 (4% LIHTC), in Council District 4,
* The Baron Senior, $2,000,000 (4% LIHTC), in Council District 3,
* Easter's Home Supportive Housing, $630,000 (Non-LIHTC), in Council District 1, and
* The River District, $2,500,000 (Non-LIHTC), in Council District 3.

Body
Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services
Miles Vaughn, Housing and Neighborhood Services

Explanation
* Local Initiatives Support Corporation (LISC) Partnership:
- In Fiscal Year 2019, City Council approved a partnership with LISC, a national non-profit with a grassroots focus.
- LISC is one of the largest national community development organizations in the country that supports projects to revitalize communities and bring greater economic opportunity to residents.
- Through the addition of the LISC managed private and philanthropic contributions to the Charlotte Housing Opportunity Investment Fund (CHOIF), the city has achieved a greater levera...

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