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Ordinance Appropriating $3,150,000 of General Fund Balance to Affordable Housing Gap Financing to Support the Development of Avenue Flats, a 184-Unit Affordable Housing Development at 507, 515, 517, 519, and 525 South Kerr Ave
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LEGISLATIVE INTENT/PURPOSE:
WHEREAS, City Council assigned $3,500,000 in FY22 budget and $1,500,000 in FY23 of General Fund balance to be available to appropriate at its discretion for workforce/affordable housing, and there is $3,150,000 of these committed funds remaining; and,
WHEREAS, Blue Ridge Atlantic Development, LLC (“BRAD”) will be submitting an application to the North Carolina Housing Finance Agency (“NCHFA”) in the upcoming cycle to receive Low Income Housing Tax Credits (“LIHTC”) and other funding to develop a $58,980,719, 184-unit multi-family housing project at 507, 515, 517, 519, and 525 South Kerr Ave, Wilmington, NC (“Project”); and,
WHEREAS, the Project increases the supply of affordable rental housing to eligible households earning at or below 80% area median income (“AMI”)
WHEREAS, the Project will address the City’s Strategic Plan focus area to create thriving, inclusive, and affordable communities of neighborhoods by improving the availability and options of quality housing that is affordable to a broad range of income levels.
THEREFORE, BE IT ORDAINED:
THAT, the following appropriation is hereby made to the General Fund-Loan Fund for Affordable Housing to support the development of affordable housing within the City of Wilmington:
General Fund
Revenue:
Committed Fund Balance $3,150,000
10009501-334025
Appropriations:
Transfer to LF-GF Revolving $3,150,000
10095000-598716