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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 investment to require deeper rent reductions than standard tax-credit rent tiers. "For rentals, we're at 60% AMI," the staff member said when asked about income targeting, and clarified that tax-credit rents and IRS/HUD financing rules can complicate outcomes.
Commissioners pressed on durability of affordability. One commissioner asked whether units tied to Riverfront Crossings requirements (often a 10-year affordability term) produce long-term affordable housing or only temporary, 10-year protections. The staff member pointed to examples such as the RISE development—located in the Riverfront Crossings area but developed with different funding—that has units affordable in perpetuity, and said the city would have more leverage to require longer affordability periods when investing funds directly in a project.
The staff presentation clarified the difference between the zoning-overlay tool (Riverfront Crossings policy), which has produced 81 units with typical 10-year affordability in the past, and fee-in-lieu investments, where the city can negotiate longer terms when it is a financial partner. Staff also noted tax-credit programs can include multiple financing sources (IRS rules for LIHTC and HUD when federal funds are involved) that affect rent levels and compliance requirements.
Staff said the Orchard Court item—described as a 4% tax-credit project—was on the city work session agenda at 4:00 p.m. the next day and that commissioners interested in deeper discussion should attend or watch online. The city also reported it has received HUD grant allocations; staff will incorporate the commission’s March funding recommendations into the FY27 annual action plan draft and present that draft at the commission’s next meeting for a recommendation to city council.
No formal motion or vote on investing the Riverfront Crossings funds was taken at the meeting; staff repeatedly characterized the figures and project details as estimates and said more specifics would be available at the work session and in subsequent materials.
