AGENDA ITEM EXECUTIVE SUMMARY
ITEM TITLE*
title
Provide preliminary approval to act as issuer of multifamily housing revenue bonds for the acquisition and rehabilitation of Elliott Woods and Chase Park Apartments
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RESPONSIBLE STAFF, TITLE, DEPARTMENT*
Sarah Osmer Vi?as, Director, Affordable Housing and Community Connections (AHCC) Department
Emily Holt, Affordable Housing Manager, AHCC Department
Maggie Simon, Affordable Housing Development Coordinator, AHCC Department
Amy Oland, Director, Business Management Department
STAFF RECOMMENDATION*
Staff recommends that Council approve the resolution to issue multifamily housing revenue bonds on behalf of Vitus for the Elliott Woods and Chase Park Apartments projects.
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ACTION/DECISION POINTS*
Council must approve or reject the Town acting as conduit debt issuer of multifamily housing revenue bonds for the Elliott Woods and Chase Park Apartments projects.
LEGISLATIVE CONTEXT*
This project will be funded, in part, with low-income housing tax credits. In order for the project to receive the low-income housing tax credits, it must be financed in part with tax-exempt bonds and be approved for the tax credits and an allocation of bond volume cap by the North Carolina Housing Finance Agency (NCHFA). 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 has 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. The inducement resolution that the Town Council is being asked to adopt at this time indicates the Town's willingness to serve as the issuer for the bonds and is required as part of the developer's application to the NCHFA for the bond ...
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