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Commission hears about $5.8 million in Riverfront Crossings funds and possible 183-unit tax-credit project; concerns raised about long-term affordability
Summary
City staff told the commission the Riverfront Crossings fee-in-lieu fund has about $5.8 million and may be invested in a proposed tax-credit project of roughly 183 units; commissioners asked whether affordability requirements will extend beyond the common 10-year term and were directed to a work session on Orchard Court scheduled for 4 p.m. tomorrow.
City staff updated the commission on the Riverfront Crossings fee-in-lieu affordable-housing fund and related development options, reporting that the fund has collected about $5,800,000 and that staff intends to consider investing those funds in a proposed tax-credit development.
"So we have about 5,800,000 that we've collected that, the city intends to invest in a project," a staff member (S7) told the commission, adding that a presentation on a tax-credit project will be discussed at the city work session the following day.
Staff described the anticipated project as new construction of approximately 183 affordable units and said the city could use a financial…
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