File #: 16-3658   
Type: Regular Item Status: Passed
In control: Board of Commissioners
On agenda: 10/4/2021 Final action: 10/4/2021
Title: Contract to Administer the Affordable Housing Preservation Fund
Attachments: 1. Preservation Fund Administrator v.1.pdf, 2. Affordable Housing Preservation Fund Contract Presentation 10-04-21.pdf

Title

Contract to Administer the Affordable Housing Preservation Fund

Recommended Action

That the Board of Commissioners:

 

1.                     Authorizes the County Manager to enter into a multi-year contract between Wake County and Self-Help Ventures Fund to administer the Affordable Housing Preservation Fund, including the authority to process real estate loan transactions and enforce affordability restrictions.

 

2.                     Approves a loan of $10,500,000 to Self-Help Ventures Fund to capitalize the Affordable Housing Preservation Fund.

 

All funding commitments are subject to terms and conditions acceptable to the County Attorney. All awards are also contingent on the basic terms as identified in the proposal.