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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 presented project features including 90 parking spaces, LEED Silver design elements, resident services and a 55‑year affordability covenant. Estimated total project cost is about $84 million, representing roughly $25,000 of City loan per unit.
The council also approved a $5,000,000 loan to Market Street Senior Housing LP for the Market Street Apartments: a 137‑unit senior housing project (1‑bedroom units) with on‑site childcare and sustainability measures. Staff estimated total project costs around $62 million and noted the projects will apply for tax credits in early 2026; if successful construction could begin in 2026 with a roughly 26‑month timeline.
Public comment included both support for creating new affordable homes and requests for greater transparency: speakers urged clarity on resource area siting, stronger smoke‑free requirements for city‑funded housing, and concerns that 30–60% AMI does not reach the extremely low‑income households most in need. Staff confirmed supporting materials include site maps and that the loans come from the Low and Moderate‑Income Housing Asset Fund (restricted to housing uses).
Councilmembers praised the projects as tools to deliver affordable units and preserve housing stock; members moved and seconded approvals and each item passed unanimously (vote recorded as 8–0 with one member absent).
