Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council approves 100% fee waiver and $742,842 AHF advance to close Atwood Commons gap
Summary
After the loss of eight project‑based vouchers created a roughly $1.4M financing shortfall for Atwood Commons (72 LIHTC units), council approved a 100% development fee waiver and an advance from the Affordable Housing Fund of $742,842 to bridge the gap; the actions passed 6–1 with Council member Christ opposed.
Atwood Commons, a 72‑unit low‑income housing tax credit (LIHTC) development three blocks east of City Hall, faced an emergent financing shortfall after project‑based vouchers previously expected for operations became unavailable. The developer and city staff told council the vouchers’ loss reduces projected operating income and therefore permanent financing proceeds by roughly $1.4 million.
Staff and the developer presented two options…
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
