Title
2024 Tax Credit Recommendations and Affordable Housing Development Program (AHDP) Loans to Develop Affordable Multifamily Rental Housing
Recommended Action
That the Board of Commissioners approves the following loan recommendations for 2024 North Carolina Housing Finance Agency Low Income Housing Tax Credit Applications, with funds up to the amounts indicated from federal HOME, CDBG, or County CIP for:
Affordable senior housing developments including:
1. $1,170,000 for Lorimer Spring Apartments in Raleigh, NC
2. $2,310,000 for The Villas at White Oak in Garner, NC
3. $2,310,000 for The Villas at Wake Forest Crossing in Wake Forest, NC
4. $2,675,000 for Hoke Street Apartments in Raleigh, NC
Affordable family housing developments including:
1. $1,119,500 for Cross Creek Trace in Zebulon, NC
2. $733,500 for Copeland Crossing in Zebulon, NC
3. That the Board of Commissioners approves $830,000 in additional gap financing for Rose Park Manor in Cary, NC, which was awarded funds from Wake County and Low Income Housing Tax Credits from the North Carolina Housing Finance Agency in the 2023 cycle.
All funding commitments are subject to terms and conditions acceptable to the County Attorney. Awards are also contingent upon the development receiving local approvals including site plan approval, all necessary permits from the local municipality and an award of tax credits from the NC Housing Finance Agency. All awards are contingent upon the basic terms as identified in the project descriptions, including funding commitments from the financial partners as identified.