Title
DreamKey Partners, Inc. - YWCA Grounds for Change Affordable Housing
Action
ACTION:
Adopt a resolution authorizing the County Manager to negotiate and execute an agreement with DreamKey Partners, Inc. and develop terms and conditions under which Mecklenburg County would grant $2,500,000 towards the overall project costs of construction. Eight (8) affordable rental units at Grounds for Change will be restricted for County/Housing Collaborative tenant referral.
Staff Contact: LaShonda Hart, Program Manager, Affordable Housing Initiatives
Dena Diorio, Mecklenburg County Manager
Presentation: Yes - Julie Porter, DreamKey Partners
BACKGROUND/JUSTIFICATION:
The YWCA Grounds for Change affordable housing project is an 80-unit apartment community serving households 30-60% AMI and below. It is located on the campus of the YWCA located at 3416 Park Rd., Charlotte, NC.
Approval of this item will authorize the County Manager to negotiate and execute an agreement with DreamKey Partners, Inc. to provide a $2,500,000 grant to the project with eight (8) units restricted for County referral for the initial 30-year affordability period.
The funding will be restricted for use by DreamKey Partners to make a 20-year deferred loan of $2,500,000 to the project at 0% interest.
• Property owners must implement a long-term 30-year deed restriction on the property designating 100% of the units to be affordable to households at 60% AMI and below. 17 units will be set aside for households earning 30% AMI and below and 63 units will be set aside for households earning 60% AMI and below.
• Approval of the recommended funding will provide a grant at closing of the construction loan for the property to be funded on a reimbursement basis.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
The $2,500,00 will be paid from the Affordable Housing Program Fund