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City staff backs HUD middle-income housing financing guidelines
Summary
Staff recommended adopting local guidelines for a new HUD middle-income program that provides extended loans in return for developers renting 50% of units at or below 120% AMI for 10 years; River's Edge is an early applicant and staff will present formal guidelines in coming weeks.
City staff presented proposed local guidelines to implement a new HUD middle-income housing financing program and recommended the council move forward with adopting guidance to process applications.
"This is the middle income housing program guidelines," Jeremy said, describing the HUD program as a financing tool for market-rate rental projects. Under the program, a project receiving HUD loan funds must agree that 50% of units will be…
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