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Council approves modification to Cottages of Idlewild agreement to preserve financing flexibility
Summary
Raleigh approved a one-time modification allowing the project’s construction lender limited flexibility to sell for higher AMI levels only in a foreclosure scenario, after lenders stepped in to cover a last‑minute financing gap.
Raleigh City Council approved a modification to the Cottages of Idlewild affordable housing agreement that gives the project’s construction partner limited flexibility in the event of foreclosure. The change was approved by motion and a voice vote.
City Housing and Neighborhoods staff and representatives of the Raleigh Area Land Trust told council the project’s capital stack had a $938,000 shortfall after the North Carolina Housing Finance Agency reallocated construction funding for hurricane recovery in…
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