Asheville Housing Authority Resolutions May 2026
MOU Approved for 1116 Sweeten Creek Apartments JV
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Description
The Housing Authority of the City of Asheville approved a Memorandum of Understanding with Pennrose NC LLC to jointly develop the 126-unit 1116 Sweeten Creek Apartments affordable housing project. The MOU establishes roles, financing structure using 4% LIHTCs and tax-exempt bonds, voucher commitments, and ownership framework through April 30, 2027 or until final agreements are signed.
Contract Details
Vendor
PENNROSE NC LLC
Agency
Housing Authority of the city of Asheville, NC
Contract Type
PROFESSIONAL_SERVICES
Document Date
May 11, 2026
Contract Term
May 11, 2026 through earlier of execution of Transaction Documents or April 30, 2027
Renewal Date
2027-04-30
Renewal Info
MOU term runs until superseded by Transaction Documents or April 30, 2027; subsequent definitive agreements will control ongoing joint venture, financing, and fee arrangements.
Issuing Agency
Housing Authority of the city of Asheville
Local Housing Authority
Asheville, NC
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