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Council authorizes revised First & Pine affordable housing agreement after developer redesigns project for bankability
Summary
Inversion DesignBuild presented a revised design for the First & Pine affordable housing project (city property contribution). Council authorized the city manager to sign an affordable housing agreement and related documents after the developer changed the unit typology to townhomes with attached ADUs to make the project financeable.
City housing program manager Lily Tark presented revised agreement documents and covenants for the First & Pine affordable housing project located on city‑owned property. The developer, Inversion DesignBuild, and its nonprofit partner Homesite described changes made after lenders indicated the original stack‑typology lacked comparables for underwriting.
Inversion summarized the redesign: the earlier concept had 12 stacks of three units (36 units);…
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