Title
Affordable Housing Development Support Requests
Action
Action:
A. Approve up to $30,104,000 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:
* Baker Crossing, $1,972,000 (nine percent Low-Income Housing Tax Credit) in Council District 1,
* The Barton South, $3,000,000 (four percent Low-Income Housing Tax Credit) in Council District 3,
* Havenridge at Sharon Amity, $6,000,000 (four percent Low-Income Housing Tax Credit) in Council District 5,
* Union at Graham, $4,400,000 (four percent Low-Income Housing Tax Credit) in Council District 1,
* Woodward Apartments, $4,550,000 (four percent Low-Income Housing Tax Credit) in Council District 1,
* Aveline Newell Townhomes, $2,430,000 (Homeownership) in Council District 4,
* Carya Pond Townhomes, $1,632,000 (Homeownership) in Council District 5,
* Frew Road Townhomes, $315,000 (Homeownership) in Council District 1,
* Tom Hunter Homes, $405,000 (Homeownership) in Council District 1,
* Woodford Estates, $5,400,000 (Naturally Occurring Affordable Housing) in Council District 5,
B. Approve up to $800,000 in federal fund allocations for the Long Creek Commons nine percent Low-Income Housing Tax Credit multi-family affordable housing development in Huntersville,
C. Approve up to $1,500,000 in Transit Oriented Development Affordable Housing Development Bonus Program fee-in-lieu revenue to support Urban Trends acquisition of approximately 0.45 acres in Council District 2, for the future development of affordable housing,
D. Approve an annual reimbursement to Housing Collaborative in an amount not to exceed the Woodford Estates development's city tax bill for a Naturally Occurring Affordable Housing Rental Subsidy Program over a 20-year period for 34 new long-term rental subsidies for households earning 30 percent and below the area median income, and...
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