Title
Bond Issuance Approval for Historic Nathaniel Carr Senior Community
Action
Action:
Adopt a resolution granting INLIVIAN's request to issue multi-family housing revenue bonds, in an amount not to exceed $19,500,000, to finance the development of Historic Nathaniel Carr Senior Community.
Body
Staff Resource(s):
Shawn Heath, City Manager's Office
Rebecca Hefner, Housing and Neighborhood Services
Explanation
* This action will not 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.
* INLIVIAN is requesting that City Council adopt a resolution authorizing the issuance of multi-family housing revenue bonds for Historic Nathaniel Carr Senior Community, a 120-unit new construction affordable housing development to be developed, owned, and operated by West Boulevard Historic Preservation, LLC, a North Carolina limited liability company, or an affiliated or related entity.
* The development will be located at 2498 West Boulevard in Council District 3 and will serve households earning up to 80 percent of the Area Median Income (AMI) with income averaging of 60 percent of AMI for the entire development. Of the 120 new units, 24 will serve households that earn 30 percent of AMI or less.
* This action further supports City Council's September 27, 2021, approval of a $2,200,000 Housing Trust Fund allocation for this development.
* The INLIVIAN bonds, not to exceed $19,500,000, will be used to finance land acquisition and construction of the development.
Background
* 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 Housin...
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