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Committee backs performance grant to support 400-unit affordable housing development at 2811 Ratty Street
Summary
The committee voted to forward ordinance 2025-008 authorizing a performance grant between the EDA and developer 2811 Ratty Street LLC to support construction of 400 affordable units targeting 50%–80% AMI, with a stated total development cost of $77.5 million and a required $4 million capital investment escrow during the grant period.
The committee voted to forward ordinance 2025-008 to City Council recommending authorization for the CAO to execute an affordable housing performance grant between the Economic Development Authority and 2811 Ratty Street LLC (Ellington Capital Partners) to facilitate construction of 400 affordable residential units at…
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