AGENDA ITEM EXECUTIVE SUMMARY
ITEM TITLE*
title
Public Hearing: Proposed Bond Issuance for the Redevelopment of Chase Park and Elliott Woods Apartments
presenter
RESPONSIBLE STAFF, TITLE, DEPARTMENT*
Loryn Clark, Interim Director, Housing and Community Development (HCD) Department
Emily Holt, Interim Assistant Director of Affordable Housing, HCD Department
Amy Oland, Director, Business Management Department
STAFF RECOMMENDATION*
Staff recommend that Council receive public comment on the Town acting as the issuer of multifamily housing revenue bonds on behalf of Vitus for the acquisition and rehabilitation of Elliott Woods and Chase Park Apartments communities.
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ACTION/DECISION POINTS*
Open the public hearing to receive comments. No formal Council action is required.
LEGISLATIVE CONTEXT*
This project will be funded, in part, with low-income housing tax credits. For the project to receive the low-income housing tax credits, it must be financed in part with tax-exempt bonds. For the bonds to be tax-exempt under the federal tax code, they must be issued by a governmental entity. The developer of the project requested that the Town serve as the conduit governmental issuer for the bonds. The Town has the statutory authority to serve as the issuer under NCGS 160D-1311(b). This statute gives the Town the authority to exercise the powers granted to housing authorities under NCGS Chapter 157, including the ability to issue bonds for housing projects. On June 12th, 2025, the Town adopted inducement resolution (2025-06-11/R-5) indicating the Town's willingness to serve as the issuer for the bonds. The developer is now requesting the Town adopt a final resolution approving issuance of the multifamily housing revenue bonds and the related bond documents.
BACKGROUND AND CONTEXT*
An affordable housing developer, Vitus, approached the Town to act as a conduit debt issuer for up to $7 million in bonds for the acquisition and rehabilitation of two affordable housing co...
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