Fayetteville City Council has authorized City Manager Douglas J. Hewett to execute an option purchase agreement that advances plans for an 84-unit attainable housing community on the City’s Catalyst I site along the Murchison Road corridor.
The option agreement is between the City, a development team comprised of JBS Developers, LLC and the Fayetteville Metropolitan Housing Authority (FMHA) for approximately 6.32 acres of City-owned property at the southern end of Murchison Road. The property is part of the City’s Catalyst I site.
The site will become home to Central Park Villas, a proposed garden-style, 84-unit affordable housing community serving low- and moderate-income households.
“This effort continues our commitment to bringing economic activity and redevelopment to the Murchison Road corridor,” Mayor Mitch Colvin said in a press release. “Central Park Villas would turn long-vacant City property into homes for working families, support nearby neighborhoods and businesses, and send a clear signal of our continued investment into this gateway of our City.”
Under the terms approved by Council, the developers will have an exclusive option to purchase the 6.32-acre site for $545,000, the fair market value established by an independent appraisal and confirmed by a City-commissioned review appraisal. The eventual sale is also contingent on the co-developers receiving a low-income housing tax credit (LIHTC) award from North Carolina Housing Finance Agency (NCHFA), securing all construction financing, completing satisfactory environmental reviews and meeting conditions tied to a previously approved City loan commitment.
On Nov. 24, Council authorized a contingent loan commitment of approximately $2.88 million in City funds, the first allocation of the 2022 voter approved $12 million housing bond and including federal HOME Investment Partnerships Program dollars, to support construction of Central Park Villas if the project receives tax credits and meets program requirements.
“The Catalyst I site was assembled so we could drive strategic, transformational development near Fayetteville State University and along Murchison Road,” Hewett said in a press release. “By pairing local investment with federal tax credits and strong development partners, Central Park Villas has the potential to deliver new, quality homes that are affordable, leverage outside funding and return this property to the tax rolls, all while advancing Council’s goals for this corridor.”
As part of the transaction, the developers will be required to record deed restrictions and affordability covenants to ensure the property is used for long-term affordable housing consistent with state law and the approved development plan.
When completed, Central Park Villas is expected to:
The draft option to purchase agreement remains under negotiation and will be finalized consistent with the resolution approved by Council.
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