Title
2026 Affordable Housing Development Program (AHDP) Low-Income Housing Tax Credit (LIHTC) and Non-Tax Credit (NTC) Loan Recommendations
Recommended Action
That the Board of Commissioners:
1. Approves the following loan recommendations, with funds up to the amounts indicated from federal HOME, CDBG, or County CIP for:
9% LIHTC affordable housing developments including:
1. $1,216,050 for Evoke Living at New Bern in Raleigh, NC
2. $389,739 for Brook Haven in Raleigh, NC
3. $1,348,556 for Fairview Spring in Morrisville, NC
4% LIHTC affordable housing developments including:
1. $950,000 for Eagle Trace in Raleigh, NC
2. $3,233,056 for Heritage Park Family IA in Raleigh, NC
3. $518,895 for Duplex Village in Raleigh, NC
4. $2,700,000 for The Willow in Raleigh, NC
Non-Tax Credit affordable housing developments including:
1. $3,300,000 Hope Grove Phase II in Garner, NC
2. Approves up to $1,200,000 in additional gap financing for The Canopy in Cary, NC; and
3. Authorizes the County Manager to execute necessary loan and regulatory documents for approved projects.
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.