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City advances small-developer housing loan concept; council asks why downtown redevelopment funds would be repurposed
Summary
Economic development staff asked the council Nov. 5 to authorize a revolving loan fund to back small developers and conversions, using roughly $900,000 in returned loan proceeds as seed capital.
Economic development staff asked the council to authorize a revolving loan fund to support small developers and conversions to increase housing supply. Staff described the fund as a tool to involve smaller local builders and to address the city’s estimated shortfall in housing units.
Staff explained the proposed source for the initial $900,000 appropriation would be returned loan balances from prior…
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