Title
Bond Issuance Confirmation for 8th & Tryon
Action
Action:
Adopt a resolution reconfirming the December 13, 2021 resolution granting INLIVIAN's request to issue multi-family housing revenue bonds, in an amount not to exceed $17,000,000, to finance the development of 8th & Tryon.
Body
Staff Resource(s):
Shawn Heath, 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.
* The developer's financing has been delayed due to current market conditions and the unique nature of the development. As a result, INLIVIAN's issuance of multi-family housing revenue bonds has also been delayed.
* This action is required to reconfirm City Council's December 13, 2021 adoption of a resolution authorizing INLIVIAN to issue multi-family housing revenue bonds for 106 affordable units at 8th & Tryon Apartments. The affordable units will be developed, owned, and operated by 8th & Tryon AUOE, LLC, a North Carolina limited liability company and subsidiary of Horizon Development Properties/INLIVIAN.
* The city-supported development will consist of 106 affordable housing units located on approximately 2.2 acres at 426 N. Tryon Street in Council District 1 and serving households earning up to 80 percent of the Area Median Income (AMI) with income averaging of 60 percent of AMI. Of the 106 new affordable units, 32 will serve households that earn 30 percent of AMI or less.
* The building will also contain 247 market rate apartment units that will be owned by a separate entity and are not being financed with the Bonds nor supported with the city's Housing Trust Fund (HTF) allocation.
* Pursuant to the federal tax code, if a developer does not close on multi-family housing revenue bonds within a year of the original resolution's adoption, the local governmental unit with jurisdiction over the area where the deve...
Click here for full text