TO: Mayor and Members of City Council
THRU: Kristoff Bauer, ICMA-CM, Deputy City Manager
FROM: Cynthia Blot, Economic & Community Development Director
DATE: March 18, 2019
RE:
Title
Resolution to Apply for Rural Housing Recovery Infrastructure Grant
end
COUNCIL DISTRICT(S):
Council District(s)
7
b
Relationship To Strategic Plan:
Goal 4: Be a highly desirable place to live, work, and recreate
Executive Summary:
The North Carolina Department of Commerce Rural Economic Development Division has opened up grant opportunities to non-rural municipalities impacted by Hurricanes Matthew and Florence, and who fall under a Tier 1 or Tier 2 designation.
Lafayette Park Apartments is constructing an $8,535,597 multi-family community consisting of 72 units with a mix of one, two and three bedroom apartments. All units will be marketed to residents at 60% of local average medium income.
The grant requires a local government resolution in support of the application. The resolution must state the purpose of the project and indicate the local government’s support for the project.
Lafayette Park Apartments is requesting $329,631 from NC Dept of Commerce Rural Economic Development Division. There is no match required by the municipality.
Background:
The North Carolina Department of Commerce Rural Economic Development grant programs has the following requirements.
1) The applicant (county or municipality) must partner with a project that received a 9% new construction low-income housing tax credit project from the North Carolina Housing Finance Agency for the 2016, 2017, or 2018 cycle.
2) Funding will support public infrastructure projects associate with the construction of new residential units.
3) Local governments should have a comprehensive project design that will be executed by the government in partnership with developers participating in the 9% new construction low-income housing tax credit program.
4) Local governments should have methods to insure that the homes developed remain affordable for the period required by NCHFA. In this case 30 years.
5) Proposed building must be outside the 100-year flood plain
Issues/Analysis:
N/A
Budget Impact:
None-no required match
Options:
Adopt a Resolution in support of the 72 unit 9% new construction low-income housing tax credit project from the North Carolina Housing Finance Agency
Deny request to adopt a Resolution in support of the 72 unit 9% new construction low-income housing tax credit project from the North Carolina Housing Finance Agency
Recommended Action:
Adopt a Resolution in support of the 72 unit 9% new construction low-income housing tax credit project from the North Carolina Housing Finance Agency
Attachments:
Grant application with project details