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Flagstaff approves $1.65 million rental‑incentive bond award to Lone Tree Ranch, extending affordability to 50 years
Summary
Council approved awarding $1.65 million in remaining rental‑incentive bond funds to Lone Tree Ranch, leveraging 168 Capital‑A affordable units and securing an extended 50‑year affordability period as a condition of the forgivable loan.
Housing planner Sullivan Moore asked council to approve the remaining $1.65 million in the city's rental incentive bond program to support Lone Tree Ranch, a 168‑unit affordable housing project at Lone Tree and Pine. Moore noted the scoring committee recommended the award following the latest funding round and that the applicant agreed to extend the affordability term from 30 to 50 years for the project as part of the forgivable loan conditions.
Councilmembers praised staff and the housing division for leveraging city funds to secure a large number of affordable units. Council voted to approve the award by motion.
What's next: Staff will proceed with the award and continue project oversight to ensure the affordability conditions are met.
