Title
NOAH Multi-Family Rental Subsidy Program- Willow Park NOAH, LLC (Woodford Estates), Sharon Pointe NOAH, LLC (Sharon Pointe), Arrowhawk NOAH, LLC (Shelton Knoll)
Action
ACTION:
(A) Adopt a resolution authorizing the County Manager to negotiate terms and conditions and execute an agreement with Willow Park NOAH, LLC under which Mecklenburg County would allocate a total of $3,649,102 over a 20-year period to cover twenty (20) years of rental subsidy for thirty-four (34) affordable rental units at Woodford Estates available to households earning 30% AMI and below.
(B) Adopt a resolution authorizing the County Manager to negotiate and execute an agreement with Willow Park NOAH, LLC for a 20-year loan in the amount of $2.5M in the form of a subordinate mortgage. The term of the loan will be commensurate with the term of the 20-year affordable deed restriction.
(C) Adopt a resolution authorizing the County Manager to negotiate and execute an agreement with Sharon Pointe NOAH, LLC and develop terms and conditions under which Mecklenburg County would allocate a total of $2,954,644 over a 20-year period to cover twenty (20) years of rental subsidy for twenty-eight (28) affordable rental units at Sharon Pointe available to households earning 30% AMI and below.
(D) Adopt a resolution authorizing the County Manager to negotiate and execute an agreement with Arrowhawk NOAH, LLC and develop terms and conditions under which Mecklenburg County would allocate a total of $718,761 over a 20-year period to cover twenty (20) years of rental subsidy for seven (7) affordable rental units at Shelton Knoll available to households earning 30% AMI and below.
(E) Authorize the County Manager to develop terms and conditions and execute an agreement with Housing Collaborative to administer the rental subsidy program.
Staff Contact: LaShonda Hart, Program Manager, Affordable Housing Initiatives
Dena Diorio, Mecklenburg County Manager
Presentation: Yes ...
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