Title
2025 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. $500,000 for Heritage Park Senior Phase 1B in Raleigh, NC
2. $655,000 for The Canopy in Cary, NC
3. $1,470,000 for Abbey Spring Apartments in Apex, NC
4% LIHTC affordable housing developments including:
1. $3,320,000 for Fisher Grove Apartments in Raleigh, NC
2. $7,100,000 for Chapanoke in Raleigh, NC
3. $1,400,000 for Biltmore Hills in Raleigh, NC
Non-Tax Credit affordable housing developments including:
1. $480,000 for Friendship Station in Apex, NC
2. $2,650,00 for Grosvenor Gardens in Raleigh, NC
2. Approves up to $300,000 in additional gap financing for Rose Park Manor 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.