TITLE: Title
Consideration of an Application for Affordable Housing Funding from CASA
PURPOSE: The purpose of this item is for the Board to consider approving an application for funding out of the Affordable Housing Special Revenue Fund.
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DEPARTMENT: Manager's Office, Planning
CONTACT INFORMATION: Nate Broman-Fulks, nbroman-fulks@townofcarrboro.org, 919-918-7314; Trish McGuire, pmcguire@townofcarrboro.org, 919-918-7327
INFORMATION: The Town has received an affordable housing funding application from nonprofit affordable housing provider CASA. CASA is requesting a grant of $357,208 for land banking for two contiguous properties, 802 and 806 South Merritt Mill Road in Carrboro. This cost represents approximately 16 percent of an estimated $2.2 million. Funding is being requested from other entities, including Orange County, the North Carolina Housing Finance Agency, and the Federal Home Loan Bank. The application for Orange County funding is due March 31st and is expected to be viewed more favorably if a funding commitment is obtained from Carrboro prior to that date. The property is currently under a contract to purchase, with the current phase coming to an end in May. After that time, CASA will be required to commit funds to maintain the right to purchase through the review and permitting processes. Requested grant funds are anticipated to be needed to complete the purchase at the time of the project's approval or May 2018, whichever occurs sooner.
Project Description:
CASA is proposing to build a 16-unit development on the two Merritt Mill parcels in Carrboro. The planned development will create at least 16, and possibly up to 36, permanently affordable rental apartments. CASA specializes in providing homes for people who have critical housing needs - people with disabilities, those who are homeless, and veterans.
At least 16 units will be for households earning less than 50 percent of area median income (AMI)...
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