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Green Bay Housing Authority approves $350,000 loan for 95‑unit workforce apartments at JBS site
Summary
The Green Bay Housing Authority approved a five‑year, $350,000 loan at 3% interest to support a 95‑unit workforce housing development adjacent to the JBS plant; board members discussed fund availability and accessibility features before the unanimous approval.
The Green Bay Housing Authority on July 30 approved a $350,000 loan to Grand Boulevard Apartments LLC to help finance a 95‑unit workforce housing development adjacent to the JBS plant off Imperial Lane. The loan carries a 3% interest rate and a five‑year term, with the developer proposing to refinance and pay the principal plus accrued interest in a single payment at the end of the term.
The loan fills a funding gap created after federal HOME funds could not be used because of a Build America/Buy America requirement imposed through HUD that increased project costs, the developer said. The project, led by developer Gorman, would provide three buildings totaling 95 apartments targeted to households at roughly 80% to 120% of county…
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