Title
Vote on a request to approve request by developer regarding Henry Siler School.
Abstract
In accordance with the Board's goal to increase the affordable rental housing in the county, staff has advertised a request for proposals for the redevelopment of the Henry Siler School site. The county asked that proposals preserve the existing building envelope and historic character, while redeveloping and expanding the building to accommodate the need for affordable housing units. The RFP was developed and tailored to attract developers that would be strong candidates for the 9% Low Income Housing Tax Credits that will be awarded by the North Carolina Housing Finance Agency. While the RFP envisions the developer utilizing low income tax credits to finance the project, it is anticipated that the county will be asked to provide concessions to the developer to in order to make the project viable.
The county published the first request for proposals on September 25, 2017 and closed advertisement on October 26, 2017 and did not receive any responses. After a developer contracted the county with interest, the county re-advertised on December 6, 2017 with a closing date of December 14.
Based on the response to the second advertisement, the County favorably recommends selecting Third Wave Housing, LLC as the developer for the Henry Siler Affordable Housing Project to compete for the 9% Low Income Tax Housing Credits awarded by the North Carolina Housing Finance Agency in August of 2018. The developer is proposing a 34-unit project with 1-and 2-bedroom homes that target those making as low as 30% of area median income. The development will target working class individuals, seniors, disabled persons, and the homeless to the extent possible. Third Wave housing is well experienced in affordable housing development, and several projects in its portfolio are adaptive reuse construction, like the Henry Siler project.
Staff is asking the Commissioner's to approve the selec...
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