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Consider Approving the Affordable Housing Bond Funding Plan.
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Staff:
Department:
Sarah Osmer Vi?as, Director
Affordable Housing and Community Connections
Nate Broman-Fulks, Assistant Director
Overview: This item provides an overview of the Housing Advisory Board's (HAB) recommended Funding Plan for $1.35 Million available through the issuance of the 2018 Affordable Housing Bond (AHB).
Recommendation(s):
That the Council adopt the resolution approving the Housing Advisory Board's recommended funding plan.
Background
* On February 21, 2018, the Council approved a resolution to pursue an Affordable Housing Bond referendum in November of 2018.
* On November 6, 2018, voters approved the Affordable Housing Bond Referendum, with 72% of voters affirming their support for the Bond. Voter approval of the Bond gives the Town Council the authority to issue up to $10 Million in bonds to support affordable housing projects in the community.
* The Council approved the following eligible activities for use of bond funding on February 21, 2018: acquisition of property, home repairs, and new construction.
* In June 2020, the Town Council approved approximately $5 million in bond funding for five affordable housing projects to develop about 280 new affordable housing units.
Overview of Affordable Housing Recommended Funding Plan
* The Town has made $2 million of Bond funds available in this round of funding specifically for projects that have applied to receive a 9% Low-Income Housing Tax Credit (LIHTC) award in 2022.
* There are three projects in Chapel Hill that are applying for 2022 LIHTC credits. Two Town-initiated projects, Trinity Court and Jay Street, and one DHIC project, The Indigo, located at Carraway Village.
* Funding commitments for any LIHTC project must be made before May 15th for the project to be eligible for 2022 LIHTC credits. Notification of a LIHTC award is expected in August.
* Of the three planned LIHTC projects, DHIC's The Ind...
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