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Developer seeks $550,000 subsidy for 253‑unit Copperwood Crossing workforce rental
Summary
Home First Development asked the committee for $550,000 in local subsidy to support Copperwood Crossing, a 253‑unit workforce project proposed at up to 80% AMI; presenters said the project can be built without state tax credits but needs modest local funding to close financing.
Home First Development representatives described Copperwood Crossing, a 253‑unit workforce rental project near the southeast area plan, and requested $550,000 in local subsidy at the June 5 committee meeting.
Natalie Clemens introduced the proposal and Ben Prey noted the request equates to less than $2,500 of subsidy per unit: “We’re like I said it's 253 units all up to 80%. We have a mix of one, two and three‑bedroom…and we're here today asking for $550,000, which breaks out to less than $2,500 of subsidy a unit.”
Presenters said the project does not rely on state LIHTC funding and therefore is dependent on local subsidy to make the financing work; they described plans for accessible units (25 units), covered storage, ample parking, and amenities meant to compete with local market‑rate products while maintaining rent restrictions. They also said they were in design and approval and targeted a summer 2027 groundbreaking and later occupancy in 2029.
Committee members asked technical questions about infrastructure availability, financing assumptions, sensitivity to interest‑rate changes and rent modeling. Presenters said infrastructure is stubbed to the site as a condition of the purchase agreement and acknowledged the financing model is sensitive to changing interest rates; they said they would update pro formas if market conditions change.
No funding decision was taken; the application will be scored and returned to the committee for July deliberation.
