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Council revises repayment terms for $2.7M affordable‑housing loan to help close financing gap
Summary
Council approved revised repayment terms for a $2.7 million housing trust loan to Pacific West Communities’ Harrington Grove project, reducing the city's share of residual cash flow to enable private investor participation.
The Folsom City Council on March 25 approved revised loan repayment terms for a previously authorized $2.7 million affordable‑housing loan from the city’s housing trust fund to support the Harrington Grove multifamily development.
Stephanie Henry of the Community Development Department summarized the project and the requested change. The Harrington Grove development will include 52 affordable rental units (51 affordable units plus one manager’s unit) serving low‑, very low‑ and extremely low‑income…
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