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EIC approves amendment to Habitat for Humanity grant to adjust resales and funding timing
Summary
The EIC voted to amend its economic development grant agreement with Habitat for Humanity to remove an 80% area‑median income cap in the workforce housing definition, add a subordination clause limiting resale price treatment, and to allow earlier disbursement of a second tranche so contractors can be paid before October.
The Economic Improvement Corporation voted to amend the economic development grant agreement with Habitat for Humanity, approving a set of contract changes that revise the definition of workforce housing, add a subordination clause governing future resales, and permit an earlier payout of a second tranche of funds so construction contractors can be paid on completion.
Board materials and staff explanation said the amendment removes an explicit 80% area‑median income limit from the workforce housing definition in the agreement in order to permit Habitat…
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