TO: Mayor and Members of City Council
THRU: Kelly Strickland, Assistant City Manager
FROM: Albert Baker, Interim Director, Economic & Community Development
Jeffrey Morin, Housing Program Manager
DATE: June 23, 2025
RE:
Title
Approval to Issue an Updated Conditional Funding Commitment Letter for Aspen Pointe, a Low Income Housing Tax Credit Development
end
COUNCIL DISTRICT(S):
Council District(s)
District 8
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:
Council is asked to approve the issuance of an updated Conditional Funding Commitment Letter for the proposed low income housing tax credit development, Aspen Pointe. The update would reflect the reduction of overall affordable units from 48 to 32.
Background:
On April 28, 2025 City Council approved the 2025-2029 U.S. Department of Housing and Urban Development (HUD) Five-Year Consolidated Plan and Annual Action Plan (AAP). This included the issuing of Conditional Commitment Letters for the projects listed below in the amount of $600,000 from Home Investment Partnership Funds (HOME) to support Low Income Housing Tax Credits (LIHTC) applications submitted to the North Carolina Housing Finance Agency (NCHFA).
Project Name
Council District
Total Development Cost
Number of Units
HOME Units
Rosselle Commons
District 2
$16,458,934
60
11
Hidden Grove
District 7
$16,103,921
57|1010|Aspen Pointe
District 8
$15,102,458
48|1010|
Since that time, in an effort to reduce cost, the developer of Aspen Pointe, SEML, has updated their application to the NCHFA with a reduced total number of affordable units from 48 to 32, while keeping the commitment to producing four (4) HOME rental units on behalf of the City.
The property is a 12.92-acre vacant parcel adjacent to 8086 Raeford R...
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