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DHA says Fayette Place will be funded with privately placed bonds and a $17M loan; community asks who gets contracts
Summary
Durham Housing Authority staff told council Phase 1 of Fayette Place will include 252 affordable units financed with $44M in privately placed bonds and a $17M loan; residents pressed the city on contractor diversity and called for clearer, written details before any approvals.
Durham Housing Authority and city staff briefed the council on the capital structure for Phase 1 of the Fayette Place redevelopment and answered residents who asked how benefits and contracts will be distributed.
The DHA representative who responded to council questions said the projects financing includes a $44,000,000 bond issuance that will be "privately placed with Citibank," and a $17,000,000 contribution that will be deployed into the project as a loan rather than an operational…
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