Title
Bond Issuance Confirmation for South Village Apartments
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 $12,000,000, to finance the development of an affordable housing development known as South Village Apartments.
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 reconfirm City Council's July 27, 2020, adoption of a resolution authorizing INLIVIAN to issue multi-family housing revenue bonds for South Village Apartments, an 82-unit new construction affordable housing development, to be developed, owned, and operated by Scaleybark Apartments, LLC, a North Carolina limited partnership. The development is located at the intersection of Whitton Street and Dewitt Lane in Council District 3.
* 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 for this development by the end of 2021 and beginning construction in first quarter 2022.
* The INLIVIAN bonds, not to exceed $12,000,000, will be used to finance land acquisition and construction of the development.
* This action further supports City Council's July 22, 2019, approval of a $3,000,000 Housing Trust Fund allocation to this development.
Background
* The developer applied for four perce...
Click here for full text