Plans are moving forward to upgrade an affordable housing complex in one local city.
At a meeting Tuesday night, the New Bern Housing Authority presented a bond resolution to the city's Board of Alderman, seeking their approval to move forward with the rehabilitation of the Craven Terrace Public Housing Apartments.
The Board of Alderman heard from the New Bern Housing Authority and others, before voting 5-1 in favor of the bond resolution.
The city is proposing spending $80,000 on upgrades for each of Craven Terrace's 360 units, which comes out to about $25 million.
A bond lawyer for the Housing Authority says in order for the conduit bonds to be tax exempt, they must be issued by a government entity. The entity in this case is the Housing Authority.
Federal tax code says the city is not responsible for funding the project, and that passing Tuesday's resolution will simply allow the process to move forward.
New Bern city officials say Craven Terrace has historical value and can't be torn down without approval from the State Preservation Office. Aside from the cost to make the upgrades, there's concern about where tenants would live during the remodel.
Tuesday's meeting was not a public hearing, but it was open to the public.
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