Title
Affordable Housing Loan Extension and Subordination for Commons at Highland Village in Cary, NC
Recommended Action
That the Board of Commissioners:
1. Extends the term of the loan with DHIC, Inc. and the affordability period to January 1, 2028 for Commons at Highland Village in Cary, NC;
2. Approves subordination of Wake County’s loan to a $890,000 bridge loan from Community Housing Capital; and
3. Authorizes the Board Chair to execute a subordination agreement and other documents necessary to modify and extend the County’s loan term through January 1, 2028.
All loan extensions, subordinations, and other modification agreements are subject to terms and conditions acceptable to the County Attorney.