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City staff outline financing sources for Sandy Ridge affordable housing projects; council asked to approve bond resolutions
Summary
Durham staff briefed the council on financing plans for two multifamily projects — Sandy Ridge Station and Sandy Ridge Villas — including tax‑exempt bonds, low‑income housing tax credit equity, ARPA, deferred developer fees and other sources. Staff said bond approvals are requested under state law but that projects are DHA obligations.
City staff and representatives from the Durham Housing Authority and private partners briefed the Durham City Council on March 20 about financing for two multifamily affordable housing projects — Sandy Ridge Station and Sandy Ridge Villas — and described a mix of public and private funding sources that will support the developments.
The agenda included resolutions authorizing multifamily housing revenue bonds in aggregate amounts not to exceed $22,000,000 for Sandy Ridge Station and $11,000,000 for Sandy Ridge Villas. The council’s consent agenda listed both items; staff pulled them for additional questions and a summary by Community Development staff and…
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