Council approves $35 million housing bond issuance; developers pitch Fourth Ward project at meeting

The Gastonia City Council approved its consent agenda, which included authorization related to a Gastonia Housing Authority bond issuance of approximately $35,000,000 to support a multifamily project known as the Lofts at Hudson.

During public discussion council members and the housing attorney explained the role of the housing authority and how such bond issuances work. Nancy Pascall, attorney for the Gastonia Housing Authority, told the council the housing authority acts solely as the issuer; the authority has no fiscal liability for the developer’s debt. She said the request represented an increase of about $5 million from a prior authorization, driven by construction cost increases and delays.

Nut graf: The Lofts at Hudson project was discussed as a mixed-income development of about 252 units near Hudson Boulevard (across from the health department). Pascall said a portion of units would target moderate- to low-income households—she estimated the affordable set-aside at roughly 20–40 percent—but she said the precise count was not specified at that time. Council members pressed for higher set-aside levels and for clarity on the developer’s commitments before concluding the item as part of the consent agenda.

Key details and funding: Pascall said the housing finance agency tax credits and investor interest are a central financing piece; the local issuance of bonds allows investors to buy the debt on the municipal market. The housing authority held a TEFRA (public hearing) process; staff said a public hearing had been noticed and no public commenters attended that hearing.

Fourth Ward presentation: Separately, at the public-expression portion of the meeting Stratix Construction representatives outlined a public-private partnership they call the Hope Enterprise Program, aimed at Fourth Ward revitalization. Todd Akers of Stratix said the program would build single-family homes priced $175,000–$225,000, provide financial-literacy and credit-repair support, and pursue a neighborhood market to support local economic activity. Juan Placencia, president of Stradis Construction Group, said his firm intends to bid on RFP sites and that they are already building comparable models in nearby neighborhoods.

Ending: The consent agenda motion, which included the housing bond authorization, passed unanimously. Councilmembers said they want clearer unit counts and affordability commitments when projects return for final approvals and said they would continue to encourage developers to pursue workforce and affordable units.