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CDF reports county ARPA funding helped mobilize nearly $75 million for 1,803 income‑restricted units
Summary
A two‑year update from Community Development Finance (CDF) said Hamilton County’s ARPA commitment enabled rapid deployment of gap financing, producing commitments to build or preserve 1,803 income‑restricted units across 54 projects and leveraging roughly $13 in total project investment for every $1 of public subsidy.
Luke Bloetcher, a senior representative from Community Development Finance (CDF), told the Hamilton County Board of County Commissioners on March 4 that the county’s early American Rescue Plan Act (ARPA) commitment “validated this concept” and allowed the program to move quickly to fill financing gaps that developed after historic construction‑cost escalation.
The update focused on two years of operations beginning September 2022, saying county ARPA dollars were the single largest public source and enabled CDF to structure rapid gap financing, capacity building for smaller developers and conditional commitments to improve competitiveness for state tax credits.
CDF presented the program’s topline results: combined public and private investments committed close to $75,000,000 across 54 projects, producing commitments for 1,803 income‑restricted units. Bloetcher said 85% of those units are restricted at or below 60% of area median income and that county ARPA funds supported 25 projects…
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