Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing topic
No spam. Unsubscribe anytime.
Development Corporation approves $321,615 for affordable‑housing programs, including gap financing and multifamily rehab
Summary
The board approved an allocation not to exceed $321,615 for FY25‑26 to fund gap financing for four new homes, an exterior‑repair program, administrative costs and an 8‑unit multifamily remodel; staff said prior year activity included two new homes and 11 exterior projects.
The San Angelo Development Corporation voted on Dec. 10 to allocate up to $321,615 for affordable‑housing programs in FY25‑26, approving a package that includes gap financing for four new homes, neighborhood exterior repairs and partial funding for a multifamily rehabilitation project.
Stephanie Hamby (housing program director as listed on the agenda) presented a year‑end summary of FY24‑25 activity: two new construction homes completed, 11 exterior projects (siding, roofs, painting) and an 8‑unit apartment building at 218 West 9th Street undergoing asbestos remediation and fire‑system installation with an anticipated first rental occupancy in March 2026. Hamby said last year’s CoDC yearly allocation was $99,000 with $101,000 in rollover funds for a total of $200,000. For FY25‑26 she proposed $16,750 for administration; gap financing and land reimbursements for four homes totaling $170,275 (gap per house now near $30,000 versus $50,000 previously); neighborhood exterior repairs budgeted at about $69,059; and up to $65,000 for the multifamily remodel (unused multifamily funds would roll to exterior repairs). The package totals $321,615.
Board members asked whether the multifamily remodel would require a vote (staff confirmed it would) and then moved and seconded the proposed allocation. The board approved the $321,615 allocation by voice vote. Staff will implement gap financing and continue development of the multifamily and exterior‑repair programs according to program rules.
