Title
Affordable Housing Development Support Requests
Action
Action:
Approve $12,403,700 in Housing Trust Fund allocations for the following multi-family rental affordable housing developments contingent upon their receiving a Low-Income Housing Tax Credit award from the North Carolina Housing Finance Agency, where applicable:
- Evoke Living at Eastland, $2,496,000 (9% LIHTC) in Council District 5,
- Forest Park Apartments, $2,500,000 (4% LIHTC) in Council District 3,
- Marvin Road Apartments, $2,240,000 (9% LIHTC) in Council District 1,
- Mallard Creek Seniors, $2,950,000 (9% LIHTC) in Council District 2,
- Northlake Center Apartments, $500,000 (9% LIHTC) in Council District 4,
- Parkside at Long Creek, $1,487,000 (9% LIHTC) in Council District 4, and
- East Lane Drive Townhomes, $230,000 (Homeownership) in Council District 5.
Body
Staff Resource(s):
Shawn Heath, City Manager's Office
Rebecca Hefner, Housing and Neighborhood Services
Miles Vaughn, Housing and Neighborhood Services
Explanation
* On January 25, 2022, the City issued a Request for Proposals (RFP) to aid in the production of affordable housing units through the Housing Trust Fund (HTF).
* In response to this RFP, 12 proposals were received seeking various types of gap financing support including nine percent and four percent tax credits from the North Carolina Housing Finance Agency (NCHFA).
* Approval of the recommended developments will add 602 affordable and workforce housing units to the City's existing supply.
* The recommended developments meet all submission requirements, including land use and rezoning approvals. Additionally, the following guiding principles were adhered to in the evaluation of the proposals:
- Ensuring affordable, multi-family housing developer experience,
- Creating mixed-income developments in areas of high opportunity,
- Achieving long-term affordability, and
- Maximizing the leverage of available resources.
* Additionally, the NCHFA will base their final tax cre...
Click here for full text