Title
Approval of Affordable Housing Loan for the Copernica Properties, LLC Rental Housing Development in Raleigh, NC
Recommended Action
That the Board of Commissioners:
1. Approves a loan of up to $1,000,000 to Copernica Properties, LLC for construction and permanent financing to support an affordable rental development project in Raleigh, 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.