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Neighborhoods committee approves $5 million low-interest loan for 240-unit affordable housing project
Summary
The committee approved bill 20260150 to amend an economic development agreement and provide a $5 million low-interest loan for a 240-unit project, with all units set at or below 60% AMI; zoning and permitting were already completed, and council confirmed funding will be addressed in the FY27–28 budget.
The Neighborhoods Committee approved a $5 million low-interest loan intended to finance a 240-unit affordable housing development, the committee voted 7–0 to pass bill 20260150 after technical and legal-description amendments were adopted.
Council staff said the bill’s amendments fix scrivener errors and change references from the economic development officer to the director of neighborhoods, reflecting that the neighborhoods department will oversee the agreement. A separate amendment corrected a survey-based…
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