In Re Appeal of Fayette Place LLC

McCullough, judge.

FACTS

In 2002, Fayette Place LLC (“Fayette Place”), a North Carolina limited liability company, was organized for the purpose of redeveloping the Fayetteville Street public housing project (“the property”) as an Affordable Housing Community. Fayette Place was formed as a joint venture between Development Ventures, Inc. (“DVI”), which owned 99% of the newly formed company, and Creative Housing Development Strategies, Inc. (“CHD”), which owned 1% of the newly formed company. CHD, a North Carolina business corporation, is a wholly owned subsidiary of DVI. DVI, a North Carolina…