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Committee advances bonding and loan package to preserve 108 affordable units in South Park
Summary
The committee recommended forwarding resolutions to issue up to $37.1 million in multifamily revenue bonds and authorize a loan agreement (up to $30.5 million) to finance acquisition and rehabilitation of a 108‑unit affordable housing project in South Park, with BLA amendments requested to align legislation with loan documents.
The Budget and Finance Committee advanced a financing package to preserve 108 affordable rental units in South Park by forwarding two companion items: authorization to issue multifamily revenue bonds (aggregate principal not to exceed $37,100,000) and approval of a loan agreement with MHDC South Park Property LP in an amount not to exceed $30,500,000.
Caroline/Carolyn McCormick (project manager, Mayor’s Office of Housing and Community…
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