TO: Mayor and Members of City Council
THRU: Kelly Strickland, Assistant City Manager
FROM: Christopher Cauley, MPA, Director of Economic and Community Development
Jeffrey Morin, Housing Program Manager
DATE: November 24, 2025
RE:Title
Authorize Central Park Villas Affordable Housing Contingent Loan CommitmentTitle
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COUNCIL DISTRICT(S):
Council District(s)
District 2
b
Relationship To Strategic Plan:
GOAL IV: The City of Fayetteville will be a highly desirable place to live, work and recreate.
? 4.5: To ensure a place for people to live in great neighborhoods
? 4.6: To reduce poverty and homelessness
Executive Summary:
City Council is asked to authorize the City Manager to sign a contingent loan commitment letter and subsequent loan documents in the amount of $2,883,811 to support the construction of Central Park Villas, a proposed 84-unit garden-style affordable housing community. The developer has sent the City an Option to Purchase Agreement for the northern portion of the City's catalyst site on Murchison Road to be used as the location of this project. Funding for the loan will be provided from Home Investment Partnership Funds (HOME) and the Housing Opportunity General Obligation Bond in the amounts of $1,000,000 and $1,883,811, respectively. This loan commitment will be valid until May 31, 2026, with a six-month extension allowed at the City Manager's discretion.
Background:
JBS Developers, LLC is a private developer proposing to construct an 84-unit multi-family community, including five (5) HOME rental units. The proposed location of this project is vacant property owned by the City, located at the southern end of Murchison Road and surrounded by Bruner Street, Greensboro St, and MLK Jr Freeway. The developer is requesting a loan of $1,000,000 at 1% interest with a term of 40 Years, interest only from HOME funds and a loan of $1,883,811 at 2% interest with a term of 40 Years, interest only from the Housing ...
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