Title
Affordable Housing Development Support Requests including Lease of City-Owned Property
Action
Action:
A. Approve $13,194,000 in Housing Trust Fund allocations for the following affordable housing developments contingent upon their receiving a Low-Income Housing Tax Credit award from the North Carolina Housing Finance Agency, where applicable:
* Arrowood Homes, $2,500,000, (four percent Low-Income Housing Tax Credit) in Council District 3,
* Aveline Legacy Druid Hills Duets II, $462,000, (Homeownership) in Council District 1,
* Central at Old Concord, $4,200,000, (four percent Low-Income Housing Tax Credit) in Council District 1,
* Kings on Lamar, $2,432,000, (Supportive Housing) in Council District 1,
* Swan Run Apartments, $2,400,000, (Naturally Occurring Affordable Housing) in Council District 7,
* Sycamore Station II, $1,200,000, (four percent Low-Income Housing Tax Credit) in Council District 1,
B. Approve $4,325,000 in federal fund allocations (Community Development Block Grant, Housing Opportunities for Persons with AIDS, and HOME Investment Partnerships Program) for the following affordable housing developments contingent upon their receiving Low-Income Housing Tax Credit awards from the North Carolina Housing Finance agency, where applicable:
* Arrowood Homes, $3,000,000, (four percent Low-Income Housing Tax Credit) in Council District 3,
* Mount Moriah Seniors, $825,000, (nine percent Low-Income Housing Tax Credit) in Matthews, North Carolina,
* Sycamore Station II, $500,000, (four percent Low-Income Housing Tax Credit) in Council District 1,
C. Adopt a resolution approving an option agreement and long-term ground lease of city-owned property located at 7202 South Boulevard (parcel identification number 205-173-03) with Arrowood Homes Owner, LLC, for the development of the Arrowood Homes multi-family affordable housing development,
D. Approve an annual reimbursement to Housing Collaborative in an amount not to exceed the city portion of the pa...
Click here for full text