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Council reviews Virginia Village affordable-housing funding options as staff outlines $15–$20M gap
Summary
Staff presented funding scenarios for Virginia Village redevelopment, outlining acquisition funds, pending grants and expected cash-in-lieu receipts while estimating a city contribution gap of $15–$20 million; council asked questions about senior priorities, use of CDBG/HOME funds and timing for RFPs and procurement.
City housing staff on April 13 presented funding options for the planned Virginia Village affordable-housing redevelopment and identified a substantial funding gap that the city would need to bridge.
Housing Director Dana Jones summarized the affordable-housing fund and programs, explaining that the city’s acquisition fund presently holds about $2.0 million and that staff has four pending HUD-related grant applications that, if awarded, could add about $1.1 million in FY27. Jones said city rental income and federal CDBG/HOME dollars…
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