New Brookhill Q&A

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Q&A about New Brookhill What is the Current Status of Brookhill Village? 1. How many units are currently occupied? 2. Approx. how many residents live there now in total? 3. Approx. how many residents are children? 4. How big is Brookhill Village? 5. Where is Brookhill Village? 6. How long is the new Ground Lease? 7. Deadline for action with current financing: 8. Deadline in US Attorney Settlement Agreement: 9. Can the current buildings remain on the site?

www.NewBrookhill.com 142 279 86 37 acres South End, at S. Tryon St. & Remount Rd. October 31, 2049 June 2020 Building Demolition ASAP No

What is the plan for New Brookhill? New Brookhill is planned as 324 apartment units in 3-story flats and townhomes developed with market-rate amenities on roughly 16 acres of the current Brookhill Village site. Of these, over half (164) will be affordable, including 65 units at 30% AMI, 97 at 60% AMI and 2 at 80% AMI. How long will these units be “affordable”? These units will be affordable for a minimum of 27 years, until the ground lease expires Oct 31, 2049. The HTF RFP calls for a minimum of 20 years of affordability. What about the current tenants at Brookhill? Current Brookhill Village tenants will have first priority to apply. There will be units available for all existing tenants who qualify and who wish to live in New Brookhill. What are the requests for public investment from the City and LISC in New Brookhill? The financing summary is: Type of Source Amount Financing Private Financing Loan 43,000,000 LISC Charlotte Housing Opportunity Investment Preferred Fund (CHOIF)** Equity/Loan 10,000,000 City of Charlotte Housing Trust Fund (HTF)** Loan 4,500,000 Developer Equity - Deferred Developer Fee Loan 1,900,000 City of Charlotte - Road and Site Improvements Grant 5,335,013 Total $64,735,013 **Both the HTF and CHOIF loans will be re-paid 100% under the proposed financing terms for the project. Why doesn’t New Brookhill use LIHTC Tax Credit equity? We tried! The details of the Federal Tax law have requirements for the issuance of tax credits that the underlying ground lease cannot meet. What happens if LISC and the City of Charlotte DO approve public investment? With public support, the path forward for New Brookhill as a true testament to Charlotte’s commitment to affordable housing is clear and doable. The project timeline calls for immediate start of permitting and construction with plans to move the first residents into New Brookhill in the Summer of 2021. A phased construction plan will help ensure that current residents are not displaced from the Brookhill Village site during development. With public support, New Brookhill offers a path forward for working families instead of a push out. What happens if LISC and the City of Charlotte DO NOT approve public investment? Without public support, multiple financial and legal forces and deadlines will drive market-rate development at New Brookhill. In this undesirable scenario, the current Brookhill Village residents will need to find alternative housing quickly. The question isn’t whether Brookhill Village will get re-developed and New Brookhill will get built, but rather… who will live there? The Developer is doing all it can to help. The final decision is up to LISC and the City. Will it be Opportunity Seized or Opportunity Lost? New Brookhill Q&A

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