Title
Vote to approve a letter of commitment for Beacon Management Corporation from the Housing Trust Fund in support of a Low-Income Housing Tax Credit application
Abstract
Introduction & Background: This letter of commitment is the next step in providing a Housing Trust Fund award approved by the Board of Commissioners in December 2025. This award is to Beacon Management Corporation, a private partner seeking to provide 84 affordable rental housing opportunities through a Low-Income Housing Tax Credit ("LIHTC" or "Housing Credit") application through the North Carolina Housing Finance Agency and U.S. Department of Housing and Urban Development. Through this letter, the County and Beacon Management Corporation describe the basic terms of the loan; the North Carolina Housing Finance Agency requires this letter with the included terms by early May to review Beacon's application for a Housing Credit award.
Discussion & Analysis: The Housing Trust Fund supports the development and preservation of affordable housing in Chatham County. As of award year 2025, the Fund has facilitated the investment of $2,500,000 in new housing construction and rehabilitation of existing owner-occupied housing. In sum, the fund has supported the creation or maintenance of some 550 units.
This loan, as approved in award year 2026, will dedicate $1,094,800 to development of affordable rental housing. This loan is comprised of $1,000,000 in accumulated fund balance from the Housing Trust Fund as well as $94,800 in waived fee reimbursements to which the developer would otherwise be entitled. Beacon Management Corporation will use these funds as well as funds from other sources to develop the Redfield Place project in Pittsboro, comprised of 84 rental units for households earning annual incomes ranging from approximately $25,000 to $70,000. With this loan, Beacon's application for Housing Credits is expected to become much more competitive. If the Housing Credit application is awarded, ...
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