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File #: 15-20286    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 4/27/2023 In control: City Council Business Meeting
On agenda: 5/22/2023 Final action:
Title: Affordable Housing Development Support Request
Attachments: 1. MAP_Sycamore Station Apartments


Affordable Housing Development Support Request




A.                     Approve a $1,700,000 Housing Trust Fund allocation for the Sycamore Station Apartments multi-family affordable housing development, and


B.                     Authorize the City Manager to execute, amend, and renew any documents necessary to complete the transaction.



Staff Resource(s):

Shawn Heath, Housing and Neighborhood Services



§                     On April 24, 2023, City Council referred the Sycamore Station Apartments multi-family affordable housing development to the Housing, Safety and Community Committee.

§                     Sycamore Station is a 168-unit new construction four percent low-income housing tax credit affordable housing development developed, owned and operated by Barrington Drive Apartments, LLC, an affiliate of Winterwood Development, LLC (Developer), and located on approximately 15 acres at 6055 Calle Lumina Way (parcel identification number 099-21-101) in Council District 1, and serves households earning up to 60 percent of the Area Median Income (AMI).

§                     The development is approximately 99 percent complete, and over half of the 168 units are already leased/occupied.

§                     The Housing Trust Fund (HTF) support will allow the Developer to provide 34 rental housing units (20 percent of the total development) for households earning 30 percent and below of the AMI, with an overall unit mix as follows:

-                     34 units ≤30% AMI, and

-                     134 units 51% - 60% AMI.

§                     Without the HTF support, the Developer will be unable to provide the units for 30 percent and below AMI households.

§                     On May 1, 2023, the Housing, Safety and Community Committee voted three to one to advance the Developer’s request to support the completion of the Sycamore Station Apartments development to full Council for consideration (Council members Watlington, Bokhari, and Johnson voted in favor; Council member Mayfield voted against; Council member Molina was absent).



§                     In 2019, the Developer applied for and received four percent low-income housing tax credits and housing bond allocation capacity from the North Carolina Housing Finance Agency to help finance construction of the development. Tax credit and bond allocations are subject to federal income limits, set-aside rules and include deed restrictions.

§                     On May 11, 2020, City Council adopted a resolution granting INLIVIAN’s request to issue multi-family housing revenue bonds in an amount not to exceed $18,800,000 to finance the Sycamore Station Apartments development.

§                     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 received seeking various types of gap financing support including the Sycamore Station Apartments development.


Fiscal Note

Funding:  General Capital Investment Plan