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Committee advances reallocation of HUD funds to build 8 affordable units on Sixth Street
Summary
The committee voted to forward an ordinance reallocating older HUD grant balances and program income to close long-open projects, including funding the development of eight units of affordable housing at a former funeral home on Sixth Street.
The Community and Economic Development Committee voted to advance an ordinance (Bill 39) amending grant fund budgets to apply older unspent HUD funds and program income to current projects, including a housing authority-led development on Sixth Street.
City staff said the ordinance repurposes older grant-year balances to avoid HUD timeliness penalties and uses program income from a prior sale to close financing gaps. "What we're doing in our HUD program is we're trying to address the…
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