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1 He said the frustrating part with the HOME program is that you have to decide very quickly <br />2 where to spend the funds and if this would have a negative impact on the Carver project. <br />3 <br />4 Council Member Geathers made a motion to approve a loan for $224,450 for the Forest Park <br />5 Crossing commundty. The motion was seconded by Council Member Haas. <br />6 <br />7 Council Member Geathers said that according to the Consolidated Plan all public housing is full <br />8 and there are waiting lists. He said there are not enough senior apartments and apartments for <br />9 people with disabilities. Leathers said Douglas wants to partner with the City of Kannapolis. He <br />10 said there is no profit in senior housing. <br />11 <br />12 Council Member Cauthen asked about the interest rate on $224,450. Mr. Legg said the interest <br />13 rate is 2% for 20 years. He said since it is not Section 8 Housing we are giving a very low <br />14 interest loan. <br />15 <br />16 Council Member Kincaid asked how Kannapolis compares with other cities. Ms. Dusenbury <br />17 said there is a demand here for 1,650 units. Mr. Legg asked about tax credits and Dusenbury <br />18 said tax credits are the way to go for government to get private investments. She said these units <br />19 would be for families 60% or below income level. <br />20 <br />21 Council Member Cauthen asked the rent for a one or two bedroom apartment. Dusenbury said <br />22 the rents quoted are 60% below income level. She said there would be no supplement to the rents <br />23 and without the tax credit rents would be higher. <br />24 <br />25 Council Member Haas sees this as Forest Park Crossing pitted against Carver and said he sees no <br />26 reason why not to approve both projects. Council Member Leathers asked if the City subsidized <br />27 Oak Crest. Mr. Legg said there was a rezoning but it didn't result in any subsidy. <br />28 <br />29 Mayor Misenheimer called for a vote. The motion failed by a vote of two ayes and four nays <br />30 with Council Members Cauthen, McCombs, I-iinnant, Cauthen and Mayor Misenheimer casting <br />31 the dissenting votes. <br />City Council Minutes 7 <br />May 10, 2010 <br />Attachment number 6 <br />G-3 Page 191 <br />