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Catholic Charities seeks forgiveness of two loans for El Estero housing project in exchange for 40 more years of affordability
Summary
City staff said Catholic Charities has requested forgiveness of two historic home loans totaling about $608,000 for the El Estero affordable-housing project, conditioned on extending affordability by 40 years.
Staff told the PIES Committee that Catholic Charities has requested forgiveness of two loans on the El Estero affordable-housing project totaling about $608,000. The loans date to 2002 and 2004 and were issued when Spokane Housing Ventures owned the property; Catholic Charities assumed responsibility for those units after a 2022 merger.
City staff said the loan forgiveness is part of a broader financing restructure to allow Catholic Charities to fund necessary capital repairs and preserve long-term affordability. "As part of…
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