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Committee advances amendments to county affordable-housing gap financing; removes one loan and extends sunset to 2025
Summary
Committee approved forwarding to full council amendments that remove Frontline Development Group LLC from a loan list, reassign funding sources for Gordon's Crossing, convert one loan to a grant, and extend the program sunset to Dec. 31, 2025.
The Community Development Committee voted Monday to forward to the full council a resolution (20240375) that amends an earlier 2022 authorization of affordable housing gap loans totaling $4,550,000.
Sarah Parks Jackson, director of housing and community development, told the committee the amendment removes the Frontline Development Group LLC loan for the Allen Estates project because Gordon’s Crossing is moving forward more quickly and will be funded with ERA2 funds. "The request to remove frontline development group is for the Allen Estates project... We have since replaced and had your approval for Gordon's Crossing," Parks Jackson said.
Parks Jackson also described changes to individual awards: Emerald Development and Economic Network (Eden) phase 2 has closed for $450,000; another recipient was changed from a loan to a grant because the organization provides transitional housing; Northwest Neighborhoods's Jerome Senior Housing project remains in process and the director has set a December 31 deadline to close. She said the county is asking to extend the original sunset provision to Dec. 31, 2025 to allow time for closings that could be delayed by holidays or tax-credit extension processes.
Committee members asked for details on unit counts and scaling strategies. Parks Jackson estimated that the eight projects under the program collectively total roughly 125 affordable units, with Gordon’s Crossing at about 55 and Emerald at six. She said county gap financing generally does not fill the entire financing gap and noted HUD and other federal HOME dollars remain fixed. "The funding that we received from HUD has not changed in the amount. It's about $22,500,000. It can go up a little bit or down a little bit," Parks Jackson said.
A motion to move the amendment to the full council with second-reading suspension passed by voice vote with no opposition. The committee recorded that one project (Northwest Neighborhoods CDC) remained the most uncertain and staff would work with the developer on closing obstacles.
