RALEIGH — Housing project funding requests from around the state were the focus of approvals by the Local Government Commission at its November meeting held last Tuesday.
The Local Government Commission (LGC), chaired by State Treasurer Brad Briner, approved significant expenditures totaling $370 million focusing on affordable housing and retirement home projects around the state. Many of the requests approved involve conduit revenue bonds, and issuers of such bonds lend the bond proceeds “to certain third-party entities at tax-exempt rates.”
The press release issued by Briner’s office cites a joint study by the N.C. League of Municipalities and N.C. Association of County Commissioners which says, “The housing affordability crisis in North Carolina has become increasingly broad, affecting a range of communities.”
Highlighted housing-related project approvals included a $45.2 million Charlotte urban housing project aimed at addressing housing shortages and a $67.9 million Durham retirement home that will provide specialized care for aging populations aimed at addressing the state’s growing number of senior citizens.
The largest housing-related approval was $101.9 million conduit revenue bond from the North Carolina Medical Care Commission, with proceeds designated for United Methodist Retirement Homes for expansion and renovation work at Croasdaile Village in Durham County and Wesley Pines in Robeson County.
The Raleigh Housing Authority in Wake County secured approval for two conduit revenue bonds totaling more than $56 million to support low- and moderate-income multifamily housing developments. One bond is for $31.7 million to fund a 160-unit development on Martin Street, and a $24.5 million bond for 146 units across three buildings on Rawls Drive.
Forsyth County received approval for $89.5 million for 400 affordable units integrated with commercial spaces to foster economic development in underserved areas.
Inlivian, Charlotte’s housing authority in Mecklenburg County, received approval for a $68 million conduit revenue bond to finance a 238-unit multifamily rental development called Vintage on West Boulevard.
The North Carolina Housing Finance Agency was approved for a $55 million conduit revenue bond to support 10 multifamily housing facilities with 640 total units for low- to moderate-income residents across eight counties.
For the town of Clayton (Johnston County), a $45 million conduit revenue bond was approved to finance a 167-unit multifamily rental facility for lower-income households.
The town of Boone (Watauga County) was approved for a $500,000 request to build 20 affordable low-income family housing units that include water and sewer connection improvements.
Nonhousing related approvals by the LGC included $97 million for two projects in Winston-Salem: $70 million for water and sewer projects as well as infrastructure improvements, and $26.6 million for solid waste management facilities expansion and improvements.
Other business included approvals for various local governments on the “Unit Assistance List,” described in the press release issued by Briner’s office as “a designation that significantly lowers the threshold at which LGC approval is required to enter into debt agreements.” Those approvals included:
- $59,586 to Bailey (Nash County) for a Ford Motor Credit Company lease financing agreement for a police interceptor vehicle
- $136,599 to Stoneville (Rockingham County) for two new police vehicles to replace aging police cars
- $385,151 to Red Springs (Robeson County) for a lease agreement with Enterprise Fleet Management for seven vehicles for their police, parks and recreation, and electric departments.
- $192,000 — Red Springs (Robeson County) to purchase a bucket truck for the town’s electric department
The LGC designated four towns as distressed local government units under the state’s Viable Utility Reserve (VUR) legislation. The designations mandate specific actions by the towns involved, and the designation may qualify the towns for VUR grants.
The towns include Aulander (Bertie County), Candor (Montgomery and Moore counties) and Columbus (Polk County) failed to submit required annual financial audits for two consecutive years, and Woodland (Northampton County).
The LGC considered resolutions involving two other towns that failed to comply with auditing requirements: Speed (Edgecombe County) and Taylortown (Moore County).
The LGC is staffed by the Department of State Treasurer and has statutory authority to review and approve most debt issued by local governments and public authorities in the state.
