Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council gives preliminary approval to serve as conduit issuer for 144‑unit affordable housing project
Summary
Council approved an inducement resolution to act as conduit issuer for up to $12 million in multifamily housing revenue bonds to support a proposed 144‑unit low‑ and moderate‑income rental development on East Union Street; staff said the city would have no legal obligation for bond repayment and the project will seek additional funding through the NC Housing Finance Agency and disaster recovery funds.
The Morganton City Council unanimously approved a preliminary inducement resolution to allow the city to serve as conduit issuer for a developer seeking to finance a proposed 144‑unit affordable rental development on approximately 25 acres on East Union Street.
City staff described the request as an opportunity to support affordable housing. The staff presentation said the developer — described in early remarks as Lynn Hart Landing…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
