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Board reviews affordable housing gap-funding plan and program updates
Summary
The Urban Core Redevelopment Board reviewed a proposed small-scale rental development gap-funding program that would offer up to $100,000 for legacy properties, up to $75,000 per unit (capped at $550,000 per project) and heard updates on RPIP and the expanded Commercial Property Improvement Program.
The Urban Core Redevelopment Board on the project-list item discussed a proposed small-scale rental development program intended to help owners and small developers bridge financing gaps on projects that cannot access tax-credit financing.
Staff (speaker 5) described three funding categories: up to $100,000 for ‘‘legacy’’ properties where owners can show 15 or more years of family ownership and property rehabilitation is needed; up to $75,000 per unit when paired with a primary lender; and a project cap of $550,000 with a limit of 10 units per project. "We will go in…
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