Title
Additional Affordable Housing Funds for Biltmore Hills in Raleigh, NC
Recommended Action
That the Board of Commissioners:
1. Approves up to $400,000 in additional financing for the preservation of Biltmore Hills, an affordable housing development located in Raleigh, NC; and
2. Authorizes the County Manager to execute necessary loan and regulatory documents for the approved project.
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 North Carolina Housing Finance Agency (NCHFA). All awards are contingent upon the basic terms as identified in the project descriptions, including funding commitments from the financial partners as identified.