Title
Affordable Housing Development Program (AHDP) Loan to Acquire Ownership Housing in Apex, NC
Recommended Action
That the Board of Commissioners:
1. Approves a loan of up to $234,000 to the Raleigh Area Land Trust, Inc. for acquisition and permanent financing to support an affordable homeownership project within the Prestwick and Huxley Subdivisions in Apex, NC.
2. Authorizes the County Manager to execute necessary loan and regulatory documents for approved projects.
All funding commitments are subject to terms and conditions acceptable to the County Attorney. In addition, all awards are contingent upon the development receiving local approvals including site plan approval and all necessary permits from the local municipality. All awards are contingent upon the basic terms as outlined in the project descriptions, including funding commitments from the financial partners as identified.