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Council backs $250,000 counsel loan for renovation of 733 Portland Avenue affordable apartments
Summary
The council introduced and passed a measure approving a 0% forgivable loan to support renovation of a 33-unit apartment building at 733 Portland Avenue; rents will be restricted to at or below 65% AMI and primary funding includes state small-business and CPC funds plus council allocation.
The City Council’s Neighborhood Jobs and Housing Committee introduced and passed legislation to authorize a loan and budget amendment to support renovation of an existing 33-unit apartment building at 733 Portland Avenue.
Deputy Commissioner Frisch described a full renovation of the building — built in 1945 — with a total development cost of approximately $6.4 million. The administration said primary sources of funding include the New…
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