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Council hears plan to seed revolving loan fund for mixed‑income public housing; staff call $21.5M–$23M a pilot amount
Summary
City staff described a mixed‑income public development model that uses a one‑time bond capitalization to create a revolving loan fund administered via a housing authority; staff proposed a pilot capitalization (transcript references $21.5M and $23M) and councilmembers pressed on sizing, timelines and how to measure market take‑up.
City housing staff and consultant Ken Bowers described a Mixed‑Income Public Development Model that centers on a publicly seeded revolving loan fund to finance mixed‑income apartment development under public ownership.
Under the model staff outlined, the housing authority would typically serve as developer/owner, the revolving fund would lend at construction at a modest interest rate, projects would convert to private debt at stabilization, and principal plus interest would return to the fund to finance subsequent projects. Staff said typical implementations set roughly one‑third of units as affordable with…
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