Title
Community Housing Partners (CHP) Oak Hill Family Residence Affordable Housing Project
Action
ACTION:
Amend the Budget Ordinance for Fiscal Year 2026 to allocated $500,000 of available fund balance and authorize the County Manager to negotiate and execute an agreement with Community Housing Partners (CHP). Five (5) affordable rental units at Oak Hill Family Residence will be restricted for Mecklenburg County/Housing Collaborative tenant referral.
Staff Contact: LaShonda Hart - Interim Director, Office of Housing and Community Development
Presentation: Yes
BACKGROUND/JUSTIFICATION:
The Oak Hill Family Residence affordable housing project is a 46-unit apartment community serving households 30-80% of the Area Median Income. It is located at 818 Blackwelder Drive, Davidson NC 28036.
Approval of this item will authorize the County Manager to negotiate and execute an agreement with Community Housing Partners to provide a $500,000 grant to the project with five (5) units restricted for County referral for the initial 30-year affordability period. The $500,000 will be paid from funds originally intended for the YWCA Grounds for Change project appropriated from the General Fund.
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 30%-80% of the Area Median Income; 13 units will be set aside for households earning 30% AMI, 8 units will be set aside for households earning 50% AMI, 10 units will be set aside for households earning 60% AMI and 15 units set aside for households earning 80% of AMI.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
Approving this amendment will increase the FY2026 Budget by $500,000 in the General Fund (0001).