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Coachella council approves conditional loan commitment to advance Placitas Dolores Huerta affordable housing
Summary
The Coachella City Council voted to approve a conditional Community Facilities District (CFD) loan commitment to support phase 2 of the Placitas Dolores Huerta affordable housing project, while debating the long-term budget effects of deferring CFD receipts.
The Coachella City Council voted to approve a conditional loan commitment that CHOC (Community Housing Opportunities Corporation) will include with its application for 9% federal tax credits to finance phase 2 of the Placitas Dolores Huerta apartments.
Council action follows a presentation by CHOC and staff on financing and timelines. Vince Nicholas, vice president of real estate development for CHOC, told the council the developer seeks the city commitment to enable the project to compete for highly competitive TCAC 9% tax credits and said: "that's what we're here tonight for, is requesting that, to move forward and approve that." Joy Silver, CHOC's chief strategy officer, described the project as mission driven and said the first phase now houses 196 residents and that the…
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