Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council approves Smithfield land transfer, $6 million gap loan for 151 affordable apartments near Parker High
Summary
Birmingham City Council approved a redevelopment agreement to transfer roughly 10 acres adjacent to A. H. Parker High School to a tax-credit entity and provide $6 million in gap financing to build 151 affordable multifamily units as part of the federal Choice Neighborhoods effort.
Birmingham City Council on Jan. 7 approved a redevelopment agreement that will convey roughly 10 acres north of A. H. Parker High School to Smithfield Phase 2 LP and provide $6 million in gap financing to support the construction of 151 affordable multifamily units.
The agreement, presented by Community Development staff, uses the city-owned parcel as a subsidy to reduce land cost for the project and pairs a $3 million HOME loan with a $3 million Section 108 low-interest loan to fund site infrastructure and vertical construction. Senior deputy director Corey Stalworth told the council the action is part of the…
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
