Title
Bond Issuance Approval for Kingspark Commons
Action
Action:
Adopt a resolution granting INLIVIAN's request to issue multi-family housing revenue bonds, in an amount not to exceed $26,500,000, to finance the development of an affordable housing development known as Kingspark Commons.
Body
Staff Resource(s):
Shawn Heath, Housing and Neighborhood Services
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 Kingspark Commons, a 176-unit new construction affordable housing development to be developed, owned, and operated by WCO Kingspark, LP, a North Carolina limited partnership, or an affiliated or related entity.
* The development will be located on approximately 10 acres located at 2662 Dr. Carver Road (parcel identification numbers 117-031-19, 117-031-20, 117-031-21, 117-031-22, 117-031-23, 117-031-24, 117-031-25) in Council District 3 and will serve households earning up to 60 percent of the Area Median Income (AMI).
* The INLIVIAN bonds, not to exceed $26,500,000, 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 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...
Click here for full text