Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
HOF advisory board approves $480,000 rental-gap loan for Catherine Terrace in Hill District
Summary
The advisory board authorized a 40-year, 0% cash-flow rental gap loan of up to $480,000 to the Catherine Terrace project—$400,000 for construction and $80,000 for a supportive-services escrow—to fund eight affordable units in the Middle Hill neighborhood. Three board members abstained from the vote because of conflicts.
The Housing Opportunity Fund (HOF) advisory board voted on May 6 to authorize a rental-gap program loan of up to $480,000 for a development identified in application materials as Catherine Paris LLC to build eight affordable rental units in the Middle Hill District.
URA lending analyst David de Bernardo said the proposed loan would provide $400,000 toward construction costs and $80,000 to a supportive-services escrow. The loan was described in materials as a 40-year, 0% interest, cash-flow loan. The eight units will include four one-bedroom units on the ground level and four two-story three-bedroom units; all eight units are planned to be rented to households earning…
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
