Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council commits $2.2M toward 41-unit Fountain Street affordable housing project to boost tax-credit competitiveness
Summary
Council agreed to a $2.2 million local commitment for the Fountain Street affordable housing proposal (41 units), structuring disbursement roughly as $1.5M at construction closing and $700K at permanent financing to strengthen a competitive tax-credit application.
Burbank Housing representatives presented the Fountain Street project — a 41-unit affordable housing development the city has been pursuing since 2016 — and asked the council to commit local funding to strengthen the project's application for state tax credits.
Lauren Fury of Burbank Housing told the council that the Tax Credit Allocation Committee uses local commitments as a tiebreaker among similarly scored proposals and that every local dollar improves the project's competitiveness: "Every single dollar makes…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
