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Council approves financing package and bond issuance for 79‑unit Seventh Street Village; one member recused
Summary
The council approved a TEFRA hearing and multiple resolutions to permit CMFA bond issuance, a HOME loan up to $5 million at 3% for 55 years, a license for stormwater facilities, and a $2 million CDBG loan amendment to finance the 79‑unit Seventh Street Village development; votes carried 6‑0 with one recusal.
Modesto’s City Council on Nov. 25 approved a package of financing actions to support the 79‑unit Seventh Street Village affordable rental project, following a required TEFRA hearing.
City staff said the Visionary Home Builders project is a roughly $68 million development on 7th Street with 79 units targeted to households at 30%–80% of area median income and includes community amenities such as a Head Start daycare, a community cooling center and a teen center. Staff…
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