Title
Affordable Housing Development Support Requests
Action
Action:
A. Approve $20,265,000 in Housing Trust Fund allocations for the following multi-family rental and homeownership affordable housing developments contingent upon their receiving a Low-Income Tax Credit award from the North Carolina Housing Finance Agency, where applicable:
* Union at Tryon, $3,800,000 (four percent Low-Income Tax Credit eligible), in Council District 4,
* The Vue at Honeywood, $3,456,000 (four percent Low-Income Tax Credit eligible), in Council District 2,
* Evoke Living at Ballantyne, $3,100,000 (four percent Low-Income Tax Credit eligible), in Council District 7,
* Marvin Road Apartments, $3,479,000 (nine percent Low-Income Tax Credit eligible), in Council District 1,
* River District Apartments, $5,800,000 (Not Low-Income Tax Credit eligible), in Council District 3,
* Aveline Townhomes, $630,000 (Homeownership), in Council District 1
B. Approve $3,375,000 in HOME Investment Partnership Program allocations for the following multi-family rental and homeownership affordable housing developments contingent upon their receiving a Low-Income Tax Credit award from the North Carolina Housing Finance Agency, where applicable:
* Long Creek Senior Apartments, $2,250,000 (nine percent Low-Income Tax Credit eligible), in Council District 4,
* Hope Springs Subdivision, $1,125,000 (Homeownership), in Council District 2
C. Authorize the City Manager to execute, amend, and renew contracts and other required documents to complete the transactions approved by these actions.
Body
Staff Resource(s):
Shawn Heath, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
* On January 13, 2023, the city and Local Initiatives Support Corporation (LISC) issued a joint Request for Proposals (RFP) to aid in the production of affordable housing units. This was the fifth joint RFP conducted by the city and LISC.
* In response to this RFP, 11 proposals were re...
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