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Committee reallocates $2 million in housing funds for construction and down-payment assistance
Summary
The neighborhoods committee approved item 20260065 to repurpose $2 million in SHIP/federal program funds: $1.5 million for single-family construction financing and $500,000 for down-payment assistance for ten homes; members discussed timing, state extension rules and program targeting. The bill passed 7–0.
The neighborhoods committee approved item 20260065 to correct project codes and reallocate about $2,000,000 in housing funds to accelerate homebuilding and down-payment assistance.
Jeffrey (city staff, speaker 19) explained the allocation: $1,500,000 would fund construction financing to build homes targeted at very low-income families (50% AMI and below) through nonprofit developers; $500,000…
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