TO: Mayor and Members of City Council
THRU: Kelly Olivera, Assistant City Manager
FROM: Christopher Cauley, MPA, Economic & Community Development Director
DATE: November 27, 2023
RE:
Title
Approval of Single Family Housing Development Loan for Kingdom CDC's Rosehill Road Project
end
COUNCIL DISTRICT(S):
Council District(s)
District 3 - Mario Benavente
b
Relationship To Strategic Plan:
Goal 3: City Investment in Today and Tomorrow
Objective 3.1: Increase City homeownership through programs for down payment assistance, working with developers to increase affordable housing options, efficient processes for home-building and home-buying, and through incentives which encourage home ownership.
Executive Summary:
Kingdom Community Development Corporation (Kingdom CDC) is a nonprofit developer proposing to develop 16 single family homes on a 3.5 acre site on Rosehill Road. City Council is asked to authorize a loan commitment letter and subsequent loan documents in the amount not to exceed $725,000 from the City's American Rescue Plan Act funds allocated for housing to support the acquisition and infrastructure of the site. This commitment will be good until June 30, 2024 with a six month extension allowed at the Director's discretion.
Background:
Kingdom CDC is a nonprofit community development corporation that specializes in single family housing development, homebuyer education, and leveraging Federal, State, and Local down payment assistance programs to create home ownership opportunities. The organization will be the developer for this project and will be the general contractor for the infrastructure and the development of 9 or more homes. Kingdom CDC will develop the land into 16 single family parcels with a road and infrastructure that meets the City's standards. Kingdom CDC has a long history of single family housing development both within the County and the City limits of Fayetteville. They have also secured other financing from the N...
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