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Council approves $1 million HOME bridge loan for Albemarle Landing Apartments after debate over income targeting
Summary
Council approved a $1 million HOME Program post‑construction bridge loan to Albemarle Landing Limited Partnership in order to extend affordability and leverage HUD financing; two council members voted no citing concern that the development will not include 30% AMI units.
The Charlotte City Council approved a $1,000,000 allocation from the U.S. HOME Investment Partnerships Program as a post‑construction bridge loan to Albemarle Landing Limited Partnership, an affiliate of South Creek Development LLC, aimed at stabilizing the Albemarle Landing Apartments and extending the property’s affordability commitments.
Rebecca Heffner of Housing and Neighborhood Services told the council the loan is federal HOME funds intended as a bridge to help the developer reach stabilization; the loan will be repaid over seven years at 3 percent interest and the developer agreed…
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