Title
Affordable Housing Development Support Requests
Action
Action:
Approve $23,312,000 in Housing Trust Fund allocations for the following multi-family rental and homeownership affordable housing developments contingent upon their receiving a Low-Income Housing Tax Credit award from the North Carolina Housing Finance Agency, where applicable:
* Aldersgate Mixed Income Apartments, $2,992,000 (4% LIHTC) in Council District 1,
* Ballantyne Senior Apartments, $4,000,000 (4% LIHTC) in Council District 7,
* Eight & Tryon Apartments, $3,200,000 (4% LIHTC) in Council District 1,
* Galloway Crossing, $2,496,000 (4% LIHTC) in Council District 5,
* Historic Nathaniel Carr, $2,200,000 (4% LIHTC) in Council District 3,
* Maple Way Apartments, $1,400,000 (Non-LIHTC) in Council District 5,
* Shamrock Gardens, $6,000,000 (Non-LIHTC) in Council District 1,
* Bishop Madison, $320,000 (Homeownership) in Council District 2, and
* Druid Hills Legacy Homes, $704,000 (Homeownership) in Council District 2.
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 leverage of Housing Trust Fund dollars and reduced cost to the City of creating affordable housing units per development.
* Housing Vouchers:
- In 2019, the City and LISC entered into a Memorandum of Understanding with INLIVIAN for the provision of project-based vouchers.
- Through this partnership, INLIVIAN ...
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