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Council approves $6.65M CDBG loan for Promenade Apartments, adding 94 affordable units in Uptown
Summary
Council approved a $6.65 million CDBG loan to CRDC for the Promenade Apartments (94 affordable units, 30–70% AMI) located in a transit priority area; project includes solar, stormwater features, 55‑year affordability covenants and anticipates tax credit awards and construction in late 2026 if financing closes.
The City Council on March 9 approved a $6.65 million CDBG loan to the Community Revitalization Development Corporation (CRDC) to support the Promenade Apartments, a proposed eight‑story development at 3972–3990 Cleveland Avenue that would add 94 rent‑restricted units for households at 30–70% of area median income.
Economic Development staff said the Promenade project will include one‑, two‑ and three‑bedroom apartments (33 one‑beds, 33 two‑beds, 28 three‑beds),…
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