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Department of Development proposes $71 million new capital for affordable housing, preservation and targeted land acquisition
Summary
The Department of Development requested $71 million in new 2025 capital funding (about $198 million including carryover) focused primarily on affordable housing, housing preservation, Merchant Tower funding and targeted land acquisition to enable mixed‑use redevelopment.
The Department of Development told the Finance and Governance Committee it plans to deploy $71 million in new 2025 capital funds — and roughly $198 million including carryover — to advance affordable housing, housing preservation, nonprofit facility grants and targeted real‑estate acquisition.
Deputy Director Bill Webster said $50 million of the new funding is dedicated to affordable housing development, with about $47.2 million targeted to rental new construction. The department also listed $2 million for housing preservation and $800,000 for critical home repairs aimed at keeping homeowners in safe, livable…
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