Title
Additional Affordable Housing Funds for The Terrace at Rock Quarry in Raleigh, NC
Recommended Action
That the Board of Commissioners:
1. Approves up to $500,000 in additional financing for the development of The Terrace at Rock Quarry, an affordable senior housing development to be located in Raleigh, NC;
2. Approves an updated unit mix; and
3. Approves a change to the County lien position.
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 and all necessary permits from the local municipality. In addition, all awards are contingent upon the basic terms as identified in the project descriptions and receipt of funding commitments from other funding partners.