Title
Affordable Housing Project Adjustments for 601 Method Road in Raleigh, NC
Recommended Action
That the Board of Commissioners approves the following project updates to 601 Method Road, a supportive housing development in Raleigh:
1. Eight units at the property will be targeted to households earning up to 30% of the area median income (AMI); and
2. One unit at the property will target households earning up to 80% of the AMI.
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, 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.