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Richmond says $3.1 million loan repaid, reports 83 SHI-eligible units from recent projects
Summary
At the June 3 Affordable Housing Trust meeting, Richmond Development representative Andrew Burek reported repayment of a $3.1 million loan and summarized recent sales, lotteries and conversions that added 83 total SHI-eligible units and 27 income-restricted rental units to the island inventory.
Andrew Burek, representing Richmond Development, told the Affordable Housing Trust on June 3 that a $3,100,000 construction loan for Sandpiper Place phases was repaid in full on May 12, 2025, with $115,885 in interest. The loan had financed seven homes, six restricted at 80% area median income (AMI) and one restricted at 175% AMI, Burek said.
The repayment “was repaid in full on 05/12/2025,” Burek said. He said the six 80% AMI homes sold at $284,000 each; the single 175% AMI unit sold at $781,000. Burek also noted that under current HUD AMI numbers the comparable maximum sale prices would now be roughly $360,000 for an 80% unit and $871,000 for a 175% unit.
Burek described multiple rental and conversion projects funded or…
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