Title
Affordable Housing Development Support Requests
Action
Action:
A. Approve up to $5,362,000 in Housing Trust Fund allocations for the following multi-family rental and homeownership affordable housing developments contingent upon developers receiving a Low-Income Tax Credit award from the North Carolina Housing Finance Agency, where applicable:
* Mallard at Sugar Creek, $2,640,000 (nine percent Low-Income Tax Credit eligible), in Council District 2,
* Grounds for Change, $2,000,000 (four percent Low-Income Tax Credit eligible), in Council District 1,
* Legacy Vista, $456,000 (Homeownership), in Council District 3,
* Little's Landing, $266,000 (Homeownership), in Council District 4,
B. Approve up to $3,060,000 Transit Oriented Development Affordable Housing Development Bonus Program fee-in-lieu revenue allocation to Give Impact, LLC to support the acquisition of approximately 1.8 acres located at 140 Dorton Street (parcel identification number 091-051-53), in Council District 1, for the development of affordable housing, and
C. Authorize the City Manager to execute, amend, extend, and renew contracts and other required documents to complete the transactions approved by these actions.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Warren Wooten, Housing and Neighborhood Services
Explanation
Action A
* On November 16, 2023, the city issued a Housing Development Funding Request for Proposals (RFP) to aid in the production of affordable housing units.
* In response to this RFP, seven proposals were received seeking various types of gap financing support including nine percent and four percent tax credits from the North Carolina Housing Finance Agency (NCHFA).
* Approval of the recommended developments will add 140 affordable and workforce rental housing units and 19 homeownership units to the city's existing supply.
* The recommended developments meet all submission requirements, including land use and rezoning approvals where...
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