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Committee amends preconstruction subsidy bill; Office of Housing outlines reorganization plans and fund status
Summary
The committee amended a preconstruction-subsidy bill to clarify eligible grantees and escrow requirements and advanced the measure to third-reading consideration; Office of Housing officials said $5,000,000 has been appropriated to the preconstruction fund but expenditure amounts were not specified.
The Committee on Housing, Sustainability, Economy and Health on April 29 amended a bill establishing preconstruction subsidies for affordable rental housing (addendum CD2) and recommended the amended bill be reported out for passage on third reading.
The addendum CD2 deletes the developer as an eligible applicant for preconstruction subsidies and clarifies that the fee owner of the land that executes a declaration of restrictive covenants — the owner — is the eligible grantee. The addendum also requires the preconstruction escrow agreement to be executed by the City as granter,…
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