TITLE: Title
Consideration of a Recommendation from the Affordable Housing Advisory Commission Regarding a Funding Request from Community Home Trust
PURPOSE: The purpose of this item is for the Board to consider approving the Affordable Housing Advisory Commission (AHAC) recommendation to fund $30,000 for Community Home Trust (CHT) to offset costs related to maintenance of properties in the affordable housing stock that are falling into disrepair.
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DEPARTMENT: Town Manager's Office
CONTACT INFORMATION: Rebecca Buzzard, Project Manager, rbuzzard@townofcarrboro.org, 919-918-7438
INFORMATION: The Affordable Housing Advisory Commission received an application and presentation from Community Home Trust on December 19, 2018 for costs related to the maintenance of properties in the affordable housing stock that are falling into disrepair. The AHAC voted unanimously to recommend funding $30,000 of the request. The recommendation can be found in Attachment B. The CHT request was for a grant of $50,000 and can be found in Attachment C.
Request Summary
The Landings at Winmore is a 58-unit multifamily Low-Income Housing Tax Credit (LIHTC) development in Carrboro which was constructed in 2010 by Crosland LLC. The apartments are affordable to households earning 60% AMI and below. In late 2016, Community Home Trust (CHT), which had right of first refusal on The Landings, was contacted to acquire the property.
A year of due diligence revealed a weak financial position and issues with vacancies and deferred maintenance. However, as a nonprofit affordable housing provider, CHT acquired The Landings in order to preserve it as part of Carrboro's affordable housing stock. CHT took over the property on January 1, 2018 and hired a new management company.
All LIHTC projects are required to maintain operating reserves, and reserves for The Landings were originally set at $188,000. When CHT took ownership, the reserves were down to $82,000 and it is estimated that the ...
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