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RDA approves $250,000 revolving loan to help fund 85‑unit Fire Station Flats project
Summary
The RDA approved a $250,000 2% loan over 20 years to General Capital Acquisitions to help close a financing gap for the Fire Station Flats 85‑unit development; staff said the loan would be repaid from project cash flow and that the developer showed a $50,000 match and other deferred fees to fill remaining gaps.
The Redevelopment Authority approved a $250,000 construction loan to General Capital Acquisitions to support construction of the Fire Station Flats mixed‑use affordable housing project.
Rebecca, a city staff member overseeing the brownfields and revolving‑loan programs, told the RDA the 85‑unit project (about 11 units targeted at households at or below 30% of area median income, with the balance…
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