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City Council approves $1.4 million reimbursement to housing authority for Edge Phase 3
Summary
Loveland City Council voted to reimburse the Housing Authority roughly $1.4 million in previously‑paid fees so the Edge Phase 3 affordable housing project can increase its low‑income housing tax credit basis.
Loveland City Council approved on first reading an ordinance to reimburse the Housing Authority roughly $1,400,000 in previously paid fees for Edge Phase 3, the final phase of a three‑phase affordable housing development known as the Edge.
The reimbursement covers previously approved fee waivers that the Housing Authority paid up front so the dollar amount could be included in the project's tax‑credit basis and thereby increase investor equity in the development. Rod Wintzing, deputy city manager, introduced the item and said staff and the housing authority have used an intergovernmental agreement (IGA) for earlier Edge phases to make the same arrangements.
Jeff (Housing Authority) said Edge Phase 3 will add about 69 units, bringing the Edge campus to 205 units serving households at 60% of area median income and below, including 10 permanent supportive units for formerly homeless veterans. Eric Hall, director of real estate development, said the project broke ground about a month earlier and is scheduled to be completed early next year.
During public comment, resident Larry Sarner urged council to prioritize libraries and parks over the reimbursement and called the appropriation “taxpayer money” that could be spent elsewhere. Council members who spoke in the discussion said affordable housing is a long‑standing community priority and that the city’s partnership with the Housing Authority has enabled units that would otherwise not be financially feasible. Councilor Samson referenced a city survey that placed affordable housing at the top of community priorities.
Council voted 8–0 on the ordinance’s first reading. The motion instructed staff to appropriate the funds and return the reimbursement to the Housing Authority per the existing IGA.
The reimbursement is intended to increase the equity the investor will bring to the tax‑credit partnership; under the IGA the Housing Authority pays the fees and the city then returns the same amount to it, which increases the project’s financing basis.
