Title
Recommended Proposals for Multi-Family Affordable Housing Development Loans
Recommended Action
That the Board of Commissioners approves the following loan recommendations for 2019 North Carolina Housing Finance Agency Low Income Housing Tax Credit Applications, with funds up to the amounts indicated from federal HOME, HOPWA, or County CIP for:
1. Affordable family housing developments including;
a. $1,230,000 for Pine Ridge Apartments in Garner NC
b. $1,044,000 for Broadstone Walk Apartments in Apex NC
c. $1,008,000 for Abbington Square Apartments in Raleigh NC
d. $880,000 for Abbington Village Apartments in Raleigh NC
e. $3,592,296 for Toulon Place Apartments in Raleigh NC
f. $3,000,000 for The Sussex Apartments in Raleigh NC
2. Affordable senior housing developments including;
a. $700,000 for Pennington Grove II in Garner NC
b. $400,000 for Hampton Spring Apartments in Raleigh NC
c. $731,000 for Crenshaw Trace Apartments in Wake Forest NC
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 NC Housing Finance Agency. All awards are contingent upon the basic terms as identified in the project descriptions, including funding commitments from the financial partners as identified