Title
Bond Issuance Confirmation for Union at Tryon
Action
Action:
Adopt a resolution confirming the June 14, 2021, resolution granting INLIVIAN’s request to issue multi-family housing revenue bonds, in an amount not to exceed $20,800,000, to finance the development of an affordable housing development known as Union at Tryon.
Body
Staff Resource(s):
Shawn Heath, City Manager’s Office
Rebecca Hefner, 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.
§ This action is required to reconfirm City Council’s June 14, 2021, adoption of a resolution authorizing INLIVIAN to issue multi-family housing revenue bonds for Union at Tryon, a 200-unit new construction multi-family affordable housing development to be developed, owned, and operated by Union at Tryon, LP, an Indiana limited partnership, or an affiliated or related entity. The development is located at 7910 North Tryon Street in Council District 4 and will serve households earning 60 percent and below the Area Median Income.
§ 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.
§ Pursuant to the federal tax code, if a developer does not close on multi-family housing revenue bonds within a year of the adoption of the original resolution, 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 and beginning construction on this development by July 2022.
§ The INLIVIAN bonds, which are not to exceed $20,800,000, will be used to finance land acquisition and construction of the development.
§ There is no Housing Trust Fund allocation or other City financial support affiliated with this development or the approval of this bond issuance.
Background
§ The developer applied for four percent low-income housing tax credits and a 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 $20,800,000 for the development. Tax credit and bond allocations are subject to federal income limits and set-aside rules and include deed restrictions.
§ INLIVIAN, as a public housing authority, is duly authorized to issue housing bonds to finance developments that serve persons of low and moderate income, including developments in which it does not have a direct interest.
Attachments
Attachment(s)
City of Charlotte Confirmation Resolution for Union at Tryon