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Fayetteville council authorizes loan subordination to finish Aubrey Hills affordable housing project
Summary
Council approved amended loan documents to allow Aubrey Hills developer to place a $350,000 loan ahead of the city's $2,145,000 HOME-program loan, a move staff said is needed to complete the 32-unit affordable project amid rising construction costs.
The Fayetteville City Council on Jan. 12 voted unanimously to authorize amended loan documents that temporarily subordinate the city's HOME-program loan so the Aubrey Hills affordable housing project can borrow gap financing to finish construction.
City staff and the developer told council the project, originally planned at 52 units and later scaled to 32, is fully affordable and had drawn $858,000 against a $2,145,000 city commitment. Rising construction costs left the developer seeking roughly $500,000 more;…
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