Title
Vote to approve an amendment to a contract with Oak View at Siler City, LLC, awarding $100,000 from the Housing Trust Fund for the creation of 72 income restricted units.
Abstract
Introduction & Background:
Attached is a contract amendment that must be executed in order for Oak View at Siler City, LLC to receive their 2022-2023 Housing Trust Fund award. The County Attorney has reviewed and approved this contract amendment.
The first round of 2022-2023 Housing Trust Fund Award recommendations were approved by the Chatham County Board of Commissioners on December 19, 2022. Wallick Asset Management was approved to receive $100,000 for New Construction funds in support of the completion of 72 affordable apartment homes at the Oak View at Siler City, LLC project. This award and amendment will increase their loan amount from $407,851.00 to $507,851.00.
Discussion & Analysis:
Low Income Housing Tax Credit developments, or the LIHTC program, is the single largest producer of affordable housing in the country. The Oak View development will provide housing for 72 households earning 30-60% AMI behind Chatham Hospital in Siler City. This development would be the largest LIHTC development to occur in Chatham County in over 8 years since Bellemont Pointe Apartments, which was awarded credits in 2013, came online in 2015, and has 76 units.
How does this relate to the Comprehensive Plan:
Goal 9: Provide equitable access to high-quality education, housing, and community options for all.
Goal 10: Foster a healthy community.
Budgetary Impact:
Authorizing execution of this contract amendment will have an impact of $100,000 on Chatham County’s Housing Trust Fund.
Recommendation/Motion: Motion to approve a contract amendment with Oak View at Siler City, LLC, awarding $100,000 from the Chatham County Housing Trust Fund and increasing their loan amount to $507,851.00 for the purpose of the construction of new affordable rental housing.