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Council backs $2.88M in contingent loans for 84‑unit Central Park Villas affordable housing project
Summary
The council unanimously authorized a contingent loan commitment totaling $2,883,811 from HOME and housing‑opportunity bond funds to support JBS Development's 84‑unit Central Park Villas; councilors discussed site floodplain issues, ownership vs. rental tradeoffs, and HUD/NCHFA contingencies.
Fayetteville — The City Council unanimously authorized a contingent loan commitment on Nov. 24 totaling $2,883,811 to support Central Park Villas, an 84‑unit affordable rental development proposed by JBS Development on a 6.23‑acre portion of the city’s catalyst (cat) site.
Economic and community development staff said the total project cost is roughly $22.8 million. The request to council was for a combination of a $1,000,000 HOME loan…
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