Title
Naturally Occurring Affordable Housing (NOAH) Multi-Family Affordable Housing Funding Support Request - Ascent Pineville
Action
ACTION:
(A) Adopt a resolution authorizing the County Manager to negotiate terms and conditions and execute an agreement with Pineville NOAH, LLC under which Mecklenburg County would allocate a total of $5,574,850 over a 20-year period to cover twenty (20) years of rental subsidy for thirty-six (36) affordable rental units at Ascent Pineville available to households earning 30% AMI and below.
(B) Adopt a resolution authorizing a 20-year loan in the amount of $3M 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) Authorize the County Manager to develop terms and conditions and execute a service agreement with Housing Collaborative (formerly Socialserve) to administer the rental subsidy program.
Staff Contact: LaShonda Hart, Program Manager, Affordable Housing Initiatives
Dena Diorio, Mecklenburg County Manager
Presentation: Yes
BACKGROUND/JUSTIFICATION:
Housing Impact Fund is an innovative social impact equity fund committed to addressing housing insecurity and upward mobility in Mecklenburg County. Housing Impact Fund has acquired and preserved 1,071 NOAH units across Mecklenburg County since December 2020. In June, the organization announced a new $67 million fund of private sector capital to preserve an additional 1,000 units or more over the next two years.
Across its portfolio, Housing Impact Fund has set aside 322 units for households earning 30% AMI and below, 72 units for households earning 50% AMI and below, 464 units for households earning 60% AMI and below and 213 units for households earning 80% AMI and below.
Approval of this item will authorize the County Manager to negotiate, the terms and conditions and execute an agreement with Housing Collaborative that will administer the rental subs...
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