Title
Affordable Housing Loan Modification and Multi-Year Contract for King’s Ridge Apartments
Recommended Action
That the Board of Commissioners:
1. Approves $453,576 in additional funding for King’s Ridge Apartments in Raleigh, NC to capitalize an operating reserve account; and
2. Approves budget revisions to transfer $453,576 from the General Fund Behavioral Health set-aside for housing initiatives to the Housing Capital fund, and appropriate $453,576 in the Housing Capital Fund; and
3. Authorizes the County Manager to execute documents that modify the existing loan between Wake County and CASA to support King’s Ridge apartments; and
4. Authorizes the County Manager to execute a 20-year project-based rental assistance (PBRA) contract between Wake County and CASA to provide 10 project-based vouchers.
Any funding approvals, loan modifications, and multi-year contracts are subject to future funding availability and terms and conditions acceptable to the County Attorney.