Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council reviews state ‘moderate income’ revolving loan program to support workforce housing
Summary
City staff described a new state moderate-income revolving loan program that would let the city receive 0% loans to pass to developers as grants. Councilors asked about monitoring, ownership limits, default risk, SDC impacts and rural set-asides; staff will seek state clarifications and return with details.
City staff presented a state-created “moderate income revolving loan” program to the Independence City Council on April 22, outlining how a zero-interest loan to the city could be passed to developers as a grant to support housing affordable to households at or below 120% of area median income (AMI).
The program, administered by the state and implemented locally, would let the city apply for a loan that could offset infrastructure costs and system development charges (SDCs). Repayment to the state would be structured as a fee in lieu of property taxes collected by the county assessor and remitted to the state; the program’s baseline payback period is 10 years. The city would receive a 5% administrative fee and the assessor would receive a 1% fee to…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
