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Council approves $1 million deferred loan for acquisition of 208-unit Indigo apartments to preserve affordable units
Summary
City council approved a $1,000,000 deferred, 0% interest loan over 40 years to support the acquisition of the 208-unit Indigo apartment building at 801 Chestnut Street. The units will be restricted to households at or below 80% of area median income; staff said other funding partners will provide additional financing.
Clearwater City Council on March 17 approved a $1,000,000 deferred loan to S.A.H. Indigo Holdings LP to support the acquisition of the 208-unit Indigo apartment complex at 801 Chestnut Street, an action staff said aims to preserve below‑market-rate rental housing.
Acting Housing Manager Dylan May told the council the city’s deferred loan will be provided at 0% interest for 40 years and will be used for acquisition costs only; additional financing for the project includes a $2,000,000 loan from the…
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