Title
Resolution Authorizing the City Manager to Enter into an Agreement with Blue Ridge Atlantic Development, LLC for Gap Financing for Affordable Workforce Housing Utilizing $4,000,000 of General Fund Committed Affordable Housing Fund Balance
Body
LEGISLATIVE INTENT/PURPOSE:
WHEREAS, City Council has identified workforce and affordable housing as a priority in the City's Strategic Plan; and,
WHEREAS, on January 19, 2016, City Council approved the establishment of a City of Wilmington/New Hanover County Ad Hoc Committee on Improving Workforce/Affordable Housing, and charged the committee with conducting a comprehensive examination of workforce/affordable housing and bringing forth a report on findings and recommendations; and,
WHEREAS, the City of Wilmington and New Hanover County created jointly the Workforce Housing Advisory Committee ("WHAC") on June 18, 2019, to conduct a comprehensive examination of workforce housing efforts and recommend practices, policies, and programs to improve and increase the stock of available workforce housing in the region; and,
WHEREAS, City Council assigned $3,500,000 in the FY22 budget from General Fund balance to be available to appropriate at its discretion for workforce/affordable housing; and,
WHEREAS, in the FY23 budget, City Council established a policy to dedicate the value of one cent on the property tax rate for affordable housing, and an additional $1,500,000 placed in General Fund committed affordable housing fund balance, awaiting further direction from Council on its affordable housing use; and,
WHEREAS, Blue Ridge Atlantic Development, LLC ("BRAD") is applying to the North Carolina Housing Finance Agency ("NCHFA") in the upcoming cycle to receive Low Income Housing Tax Credits ("LIHTC") to develop a $58,980,719, 184-unit multi-family housing project at 507,515, 517, 519, and 525 South Kerr Ave, Wilmington, NC; and,
WHEREAS, this multi-family apartment community increases the supply of affordable rent...
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