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Charlotte staff previews $4.1M TOD loan to secure 5 Points site for mixed‑income development
Summary
City staff recommended a short‑term, first‑lien loan using TOD and housing trust funds to help Historic West End Partners acquire a ~1.25‑acre 5 Points site for a mixed‑use, mixed‑income project estimated at roughly 145 units; council will consider formal action Feb. 23.
City staff on Monday previewed a proposal to use transit‑oriented development (TOD) and housing trust funds to provide a short‑term loan that would let a developer acquire a 1.25‑acre 5 Points parcel and preserve the site for mixed‑income housing.
Deputy City Manager Sean Heath and the project presenter said the city would take a first‑lien position on a short‑term loan up to 90% of the lesser of the contract or appraised value. The recommended city investment shown in staff materials is about $4.1 million; the…
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