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Committee recommends funding swap to address Build America/Buy America compliance for Woodbury senior housing
Summary
Staff proposed swapping HOME and Housing Trust Fund dollars so HOME funds (subject to Build America/Buy America requirements) would cover amounts now subject to the rule; committee recommended forwarding the amendment to the full council after clarifying there's no net new funding, only a reallocation.
City housing staff told the Economic Development Committee that two previously awarded projects (Woodbury, now listed at 186 Woodford, and Woodford Tall) need a technical funding correction because the project's additional financing sources triggered Build America Buy America (BABA) requirements. Staff proposed moving $155,511 of previously allocated Housing Trust Fund to HOME funding and replacing it with HOME funds for the portion now subject to BABA so the housing trust fund dollars can be used for other projects.
Heidi McCarthy explained the swap is intended to consolidate BABA obligations in one project already subject to those rules rather than spread differing procurement constraints across multiple projects. Committee members asked whether the swap would change affordability levels or unit counts; staff said it should not and described the change as a swap, not additional funds.
Councilor Kate Sykes moved to recommend the amendments to the city council and the committee voted to forward the changes. No public comments were received on the item at the committee hearing.
