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Applicant for 250 Elliott NEZ agrees to lower rents; HRD to draft affordability agreement
Summary
Owner Craig Jenkins said he revised proposed rents for a six-unit rehab at 250 Elliott to $1,500 per month and the committee voted to send the NEZ certificate to the formal session with a recommendation to approve, noting HRD will work with the developer and law to formalize an affordability agreement.
Craig Jenkins, owner of the proposed rehabilitation at 250 Elliott, told the Budget, Finance & Audit committee that he revised his rent assumptions and will price the planned six units at approximately $1,500 per month.
"I hired my son who is an accountant to do a flow sheet on a lower rent rate of $1,500 a month ... and it still came out profitable," Jenkins told the committee.
Vice Chair Leticia Johnson and…
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