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Council approves amended loan and land transfer plan to boost Thornton Avenue affordable housing bid
Summary
Newark authorized an amendment to a $12 million affordable housing loan and agreed to acquire project land and lease it back to the developer to improve the project's competitiveness for state funding. Council approved the amendment 4-0; one councilmember recused.
The Newark City Council voted to approve a first amendment to a previously authorized $12 million loan to Satellite Affordable Housing Associates (SAHA) to support the Thornton Avenue Apartments, a proposed 59‑unit family affordable housing development at parcels on Thornton Avenue. The amendment authorizes the city manager to acquire the project site and enter into a long-term lease back arrangement anticipated to boost the project’s scoring for state funding programs.
City staff explained that moving the project site onto public land and leasing it back to the developer for a nominal fee can generate extra points in state funding rubrics, particularly for the California Department of Housing and Community Development’s Multifamily Housing Program (MHP). Housing Policy and Programs Manager Michael Coolum said the city-owned‑land approach could raise the project’s MHP score to a level that makes it competitive…
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