Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council adopts formal affordable‑housing loan guidelines to standardize gap financing
Summary
The council approved a resolution creating written affordable‑housing loan guidelines meant to standardize underwriting, repayment, monitoring, and affordability safeguards for future city gap financing to projects serving low and very‑low income households.
The Folsom City Council adopted a resolution on Aug. 26 approving formal affordable housing loan program guidelines intended to create consistent underwriting, repayment and monitoring terms for city gap financing.
Stephanie Henry presented the framework, noting that the city has funded 11 affordable housing projects since 2005 totaling more than $36 million and 1,095 units through a mix of loans and grants. Henry said the current practice has been largely reactive—developers bring proposals timed to tax credit and grant application cycles—and that inconsistent loan terms have made monitoring and enforcement difficult. The guidelines establish…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
