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Council approves letter of intent for 42-unit affordable housing project using revenue bonds
Summary
The City Council voted 7-0 to adopt a resolution authorizing a letter of intent for revenue bonds to support a 42-unit low-income multifamily project proposed by Commonwealth Development Corporation; staff said the bonds are a sales-tax mechanism and do not place taxpayer dollars at risk.
The Wichita City Council adopted a resolution and authorized signatures on a letter of intent to issue revenue bonds to support a 42-unit low-income multifamily project proposed by Commonwealth Development Corporation.
Assistant City Manager Troy Anderson described the project as a 42-unit multifamily development for low-income households. He said Commonwealth is requesting revenue bonds of approximately…
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