Title
Bond Issuance Confirmation for Albemarle Landing
Action
Action:
Adopt a resolution confirming the July 27, 2020, resolution granting INLIVIAN's request to issue multi-family housing revenue bonds, in an amount not to exceed $14,000,000, to finance the development of an affordable housing development known as Albemarle Landing.
Body
Staff Resource(s):
Pamela Wideman, Housing and Neighborhood Services
Explanation
* This action does 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.
* The developer's financing has been delayed due to the COVID-19 pandemic. As a result, INLIVIAN's issuance of multi-family housing revenue bonds has also been delayed.
* This action is required to re-confirm City Council's July 27, 2020, adoption of a resolution authorizing INLIVIAN to issue multi-family housing revenue bonds for Albemarle Landing, a 128-unit new construction affordable housing development, to be developed, owned, and operated by South Creek Development, LLC, a North Carolina limited partnership. The development is located at 5800 Albemarle Road in Council District 5.
* 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 reconfirm its original resolution.
* The developer anticipates closing the financing and beginning construction on this development by December 2021.
* The INLIVIAN bonds, which are not to exceed $14,000,000, will be used to finance land acquisition and construction 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 all...
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