HomeMy WebLinkAboutHEO Houston Moore Interview Follow-upRe: Application for Workforce Housing Services Program New
Hanover County
Rusty Snow - rsnow@lincolnavenue.com
Tyrone Garrett - tgarrett@wha.net
Dallas Evans - devans@gdpartners.net
Felix Yeoman - fyeoman@gdpartners.net
August 14, 2024
New Hanover County
Attn: Theo McClammy
Program Manager
Planning & Land Use
230 Government Center Drive, Suite 110
Wilmington, NC 28403
RE: Application for Workforce Housing Services Program New Hanover County
Dear Mr. McClammy and Review Board,
On behalf of Lincoln Avenue Communities, Wilmington Housing Authority, Housing and Economic, Inc. and
Georgetown Development Partners (“Development Team”), we would like to thank you, your staff, and the Review
Board for all the work you do in the community and for the opportunity to discuss Houston Moore Apartments and
these limited resources available for Workforce Housing.
After the interview today we wanted to follow up and clarify some of the items we discussed.
• Schedule
o The Development Team is confident in the schedule presented in the application. We have applications for
other sources of funding like 4% Low Income Housing Tax Credits, Tax Exempt Bonds, as well as or RAD process with
HUD that will be occurring throughout the remainder of the year. Our current schedule would allow us to enter a
contract with New Hanover County by the end of the year, close on all the financing in June of next year and then
complete construction prior to the 12/31/2026 deadline.
• Use of Funds
o These funds would be utilized for construction. Our application did state that we could use them for either
acquisition or construction, but after our discussion today we feel it is best to clarify that these funds shall be used for
construction. Since these funds would be utilized for construction purposes, they would be spent soon after closing
in June 2025.
• Grant or Loan
o Our application stated that a grant would be utilized to deploy these funds. Our project financing is
extremely flexible and can utilize many different mechanisms to deploy these funds. A structure that contemplates a
loan is also acceptable and would work in partnership with the rest of our financing sources very well. We are open
to whatever New Hanover County feel is best for the deployment of these funds.
• Public/Private Partnership
o The Development Team is extremely proud of the public/private partnership created for this development.
We are leveraging the expertise of each of the development partner to achieve the goal of improving the housing
stock by redeveloping the current 150 units but also increasing the housing stock by 50 units (200 total newly built
units). The Development Team is truly leveraging all levels of the public sector from Federal Low Income Housing Tax
Credits and RAD vouchers to State issued Tax Exempt bonds to local soft funding and a local General Contractor
(Clancy & Theys Construction Group). Each member of the Development Team has experience throughout this
process so we can assure our project moves forward as planned.
Again, thank you for the opportunity to discuss our project in more detail and please let us know if you have any
additional questions or require any additional information on the project.
Best Regards,
Rusty Snow
Regional Project Partner
Lincoln Avenue Communities