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File #: 15-16873    Version: 1 Name:
Type: Consent Item Status: Approved
File created: 11/12/2021 In control: City Council Business Meeting
On agenda: 12/13/2021 Final action: 12/13/2021
Title: Bond Issuance Approval for Sugar Creek Apartments
Attachments: 1. City Bond Resolution Sugar Creek Apartments, 2. INLIVIAN Resolution Sugar Creek Apartments, 3. Staff Report
Bond Issuance Approval for Sugar Creek Apartments

Adopt a resolution granting INLIVIAN's request to issue multi-family housing revenue bonds, in an amount not to exceed $23,000,000, to finance the development of Sugar Creek Apartments.

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

* INLIVIAN is requesting that City Council adopt a resolution authorizing the issuance of multi-family housing revenue bonds for Sugar Creek Apartments, a 188-unit new construction affordable housing development to be developed, owned, and operated by Sugar Creek Apartments LLC, a North Carolina limited liability company, or an affiliated or related entity.
* The development will be located at 230 West Sugar Creek Road in Council District 4 and will serve households earning up to 80 percent of the Area Median Income (AMI) with income averaging of 60 percent AMI for the entire development. Of the 188 new units, 39 will serve households that earn 30 percent of AMI or less.
* This action further supports City Council's April 26, 2021, approval of a $3,000,000 Housing Trust Fund allocation to this development.
* This action will not further obligate the City financially or impact the Capital Investment Plan and is requested to satisfy Section 147(f) of the Internal Revenue Code of 1986, which requires the issuance of housing bonds to be approved by the local governmental unit with jurisdiction over the area where the development is located.
* The INLIVIAN bonds, not to exceed $23,000,000, will be used to finance land acquisition and construction of the development.

* The developer applied for four percent low-income housing tax credits and housing bond allocation capacity from the North Carolina Housing Finance Agency to finance the land acquisition and construction of the development.
* The North Carolina Housing Finance Agency approved a four percent tax credit and a bond allocation capacity totaling $23,000...

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