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City to lend $7.28 million for Camden Heights affordable housing infrastructure
Summary
The committee approved a finance plan for the Camden Heights affordable housing infrastructure project: the city will act as the lender for a $7,280,000 construction loan at 5% fixed interest with a conservative 19-year payback estimate; approvals included a development agreement and related consent items.
The Legal & Finance Committee on Aug. 14 approved the city acting as lender for the Camden Heights affordable housing infrastructure project and advanced related consent items including a development agreement.
Mike Dugan of the finance department presented the loan structure: the proposed loan amount is $7,280,000 with a fixed 5% interest rate for the life of the project or loan.…
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