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NeighborWorks Green Bay to receive CHDO funds to cover construction overruns on affordable townhomes
Summary
The Redevelopment Authority approved a request allowing NeighborWorks Green Bay to access CHDO-set-aside funds to help fill a roughly $286,267 construction-cost gap on a seven-unit townhome project that includes four affordable units; staff said the set-aside pot will be nearly exhausted if approved.
The Redevelopment Authority voted to allow NeighborWorks Green Bay to access community housing development organization (CHDO) set-aside funds to fill a construction-cost gap on a multi-unit townhome project that includes four affordable units.
NeighborWorks and staff told the authority that construction hard costs per unit have risen to about $295,000 and the project is facing roughly $71,566.72 in overruns per unit. The total gap across the affected units was…
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