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City to provide HOME-ARP funds to Gospel Inc. for Gospel Village affordable rental units
Summary
Commission discussed a HOME-ARP loan agreement of $685,000 (city half of allocated HOME-ARP funds) to Gospel Inc. for construction of 48 one-bedroom units targeting households at or below 30% AMI; the loan is forgivable after 20 years if affordability covenants are met.
City staff presented a HOME-American Rescue Plan Act loan agreement to provide funding to Gospel Inc. for construction of additional low-income rental housing at Gospel Village.
Staff explained the city received a HOME-ARP allocation and that the commission previously split available HOME-ARP funds between two projects; the Gospel Village loan represents half of the city’s remaining allocation. Gospel Village plans…
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