Title
Second Round 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 family housing developments including:
1. $3,360,000 for Moore Square Apartments in Raleigh, NC
2. $3,000,000 for Maple Ridge Apartments in Raleigh, NC
3. $3,000,000 for Strickland Apartments in Raleigh, NC
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 further commitments from the financial partners as identified.