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Cottage Grove Council approves 164‑unit Hadley Ridge affordable housing project, commits LAHA and bond conduit
Summary
The Cottage Grove City Council approved a developer agreement, a $916,000 Local Affordable Housing Aid (LAHA) commitment and authorization for up to $50 million in multifamily revenue bonds to support a 164‑unit affordable project called Hadley Ridge; developer expects financing closed by year‑end and construction to start in early 2026.
The Cottage Grove City Council voted unanimously to approve three linked actions for the Hadley Ridge affordable housing project, a 164‑unit development proposed by Real Estate Equities.
Finance Director Brenda Milanowski told the council the project includes affordability set‑asides—three units under 30% AMI, 15 units at 31–50% AMI and 122 units at 51–60% AMI—and that staff and the city's municipal adviser, Ehlers,…
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