Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing Finance topic
No spam. Unsubscribe anytime.
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 to Turnberry Trace because the development is shovel-ready, holds LIHTC awards and can proceed quickly.
Dustin (Taft Mills) described Turnberry Trace as a $16.6 million investment that will provide 72 units of senior housing with rents targeted across 40%, 50%, 60% and 80% of area median income. He said the development is de-restricted to maintain affordable rents for a minimum of 30 years, that the site is adjacent to a Food Lion and near bus service and urgent care, and that the project has site plans approved and is ready to pull permits. Taft Mills requested gap financing to address an interest-rate driven shortfall; staff recommended awarding $715,000 rather than the $1,000,000 gap the developer mentioned in its request because of fund availability and readiness.
Dustin said the development will set aside units for specific populations, including a 10% set-aside for veterans and units intended for households transitioning out of homelessness. He also described onsite amenities that the developer plans to provide, including green space and a publicly accessible pocket park.
Council members praised the developer’s local track record and design approach. Council Member Ford moved to approve the staff recommendation; Council Member Robinson seconded. The motion passed 6–0.
The commitment will be documented in a HOME-ARP award and the development team said it anticipates beginning construction in late June if financing closes. Staff will return with contract documents, affordability covenants and program compliance details.
