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Developers ask council to reclassify four units as affordable in 80‑unit Gateway 66 project
Summary
Frontline Development Group and partner presented a $27 million, 80‑unit mixed‑income project at East 66 and Lynnwood and asked the council committee to approve redesignation of four units to 80% of area median income to clear financing requirements.
Developers seeking funding for the Gateway 66 project told the City Council finance committee on Sept. 22 that they want the city to approve a redesignation of four units in an 80‑unit, mixed‑income development so the project can move forward with financing. The ordinance authorizes the Department of Community Development to enter into a loan agreement with Gateway 66 Limited Partnership to partially finance affordable housing in Ward 7 and related redevelopment costs.
Sheila Wright of Frontline Development Group (project…
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