Title
Vote to approve a subordination agreement with Wallick Communities for Oak View Low Income Housing apartments in Siler City
Abstract
Introduction & Background: In 2022, the Board of Commissioners awarded a low interest loan from Article 46 housing allocation to Wallick Communities in the amount of $322,851 for a shortfall in the housing tax credits and borrowing.
Discussion & Analysis: Wallick Communities is working to convert the debt on Oak View in Siler City to help the project to be for profitable. To apply for a second mortgage, Wallick would need Chatham County’s approval as the county funds would be third on the repayment position. The county attorney has reviewed the agreement.
How does this relate to the Comprehensive Plan: Goal 9: Provide equitable access to high-quality education, housing, and community options for all and Goal 10: Foster a Health Community.
Budgetary Impact: No budgetary impact on this request.
Recommendation/Motion: Vote to approve a subordination agreement with Wallick Communities for Oak View Low Income Housing apartments in Siler City.