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Council approves $715,000 HOME-ARP gap loan for Turnberry Trace senior housing development
Summary
Greenville City Council approved a staff recommendation to award $715,000 in HOME-ARP gap financing to Turnberry Trace, a Taft Mills senior affordable housing project that has LIHTC and is described as shovel-ready; the developer said the project fills a financing gap caused by higher interest rates.
Greenville City Council on April 10 approved a staff recommendation to commit $715,000 in HOME-ARP gap financing for Turnberry Trace, a 72-unit senior affordable housing development proposed by local developer Taft Mills Communities.
Staff presented the HOME (American Rescue Plan) funding overview and said the city uses HOME and HOME-ARP funds to leverage Low Income Housing Tax Credits (LIHTC) and other sources to close finance gaps. Staff reviewed three proposals and recommended Triaging available HOME-ARP…
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