City of Charlotte Banner
Share to Facebook Share to Twitter Bookmark and Share
File #: 15-21453    Version: 1 Name:
Type: Consent Item Status: Approved
File created: 10/18/2023 In control: City Council Business Meeting
On agenda: 11/13/2023 Final action: 11/13/2023
Title: Bond Issuance Approval for Union at Tryon
Attachments: 1. Bond Resolution_Union at Tryon, 2. Map_Union at Tryon
Bond Issuance Approval for Union at Tryon

Adopt a resolution granting INLIVIAN's request to issue new multi-family housing revenue bonds, in an amount not to exceed $5,000,000, to finance the development of an affordable housing development known as Union at Tryon.
Staff Resource(s):
Rebecca Hefner, Housing & Neighborhood Services
Warren Wooten, Housing & Neighborhood Services

* 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, 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 new multi-family housing revenue bonds for Union at Tryon, a 200-unit new construction multi-family affordable housing development to be developed, owned, and operated by Union at Tryon, LP, an Indiana limited partnership, or an affiliated or related entity.
* The development is located on approximately 7.52 acres at Hampton Church Road and Shopping Center Drive (parcel identification number 049-401-06) in Council District 4 and will serve households earning 60 percent and below the Area Median Income. The development is currently under construction and is projected to be completed in early 2025.
* The new INLIVIAN bonds, not to exceed $5,000,000, will be used to finance the construction of the development.
* This action further supports City Council's April 24, 2023 approval of $3,800,000 Housing Trust Fund gap financing support.

* The developer applied for four percent low-income housing tax credits and a housing bond allocation capacity from the North Carolina Housing Finance Agency (NCHFA) to finance the land acquisition and construction of the development. Tax credit and bond allocations are subject to federa...

Click here for full text