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Council OKs $3M and $5M Bridge to Home loans for two affordable housing projects
Summary
Council approved two Bridge to Home loans: $3 million for the 73rd Street Apartments (119 units, Eden Housing) and $5 million for Market Street Senior Apartments (137 senior units, Affirmed Housing partnership). Both loans carry 55‑year affordability covenants and 3% simple interest.
The City Council unanimously approved two Bridge to Home loan agreements on Sept. 8 to fund affordable housing projects aimed at adding and preserving rental homes.
Staff recommended and council approved a $3,000,000 loan to 70 Third Street Investors LP to support the 73rd Street Apartments, a five‑story Eden Housing development with 119 affordable 1–3 bedroom units for households at roughly 30–60% of area median income (AMI). Staff…
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