title
Resolution Authorizing the City Manager to Enter into an Agreement with Landmark Asset Services Inc. for Loan Forgiveness to Preserve Affordable Housing
body
Department:
Housing & Neighborhood Services
Meeting Date:
3/3/2026
Contact Name:
Rachel Schuler
Public Hearing:
No
Contact Phone:
910-341-3237
Advertising Date/Advertised By:
N/A
Attachments:
Attachment #1: Resolution; Attachment #2; Landmark Request Letter; Attachment #3: Revised Debt Analysis; Attachment #4: Previous Resolution Authorizing Partial Loan Forgiveness
PURPOSE:
The purpose of this resolution is to consider a request by Landmark Asset Services, Inc. ("Landmark") for $258,000 in debt forgiveness to help support the costs of installing an automatic fire sprinkler system as part of the James A. Walker Apartment Rehabilitation Project ("Project").
BACKGROUND:
James A. Walker Apartments ("Apartments"), located at 1020 Rankin Street, was repurposed in 1990 through a public-private partnership with the City of Wilmington to provide affordable housing for local low-income seniors.
In January 1990, the City of Wilmington issued three loans totaling $432,620 to assist Landmark with the acquisition and rehabilitation of the Apartments. The loans were issued with 40-year maturity dates, and with the intention to forgive the debt if the units retained affordability for low-income households. Several years later, a $15,000 repair loan was issued with a maturity date of January 2043.
To complete the substantial rehabilitation of the Apartments, Landmark has been awarded Low-Income Housing Credits ("LIHTC") from the North Carolina Housing Finance Agency ("NCHFA"). This rehabilitation project will address all outstanding City of Wilmington Code Enforcement violations and extend the building's useful life by substantially renovating the units, replacing all mechanical systems, modernizing the elevator, rebuilding the windows, and replacing the roof. The proposed Project will continue to i...
Click here for full text