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Mount Vernon releases $395,000 LMI award to Community Housing Initiatives for Cottonwood apartments
Summary
The council approved release of a previously authorized $395,000 low-to-moderate-income award to Community Housing Initiatives for the nearly completed Cottonwood apartment complex.
The Mount Vernon City Council on June 16 voted to release a $395,000 low-to-moderate-income (LMI) payment to Community Housing Initiatives (CHI) for the nearly completed Cottonwood apartment complex.
City staff reported construction of the Cottonwood Apartments is nearing completion and CHI had become eligible to receive the previously approved $395,000 award. Councilmember Engel moved to release the funds and Councilmember Rose seconded; the motion carried with a recorded yes vote and Councilmembers Tuerler and West absent.
The payment was described in council materials as the LMI award previously approved by the council; the minutes do not list further conditions or a payment schedule, only that the $395,000 will be released. The action appears in the same portion of the agenda covering development incentives and housing finance items.
Council did not discuss additional oversight steps in the minutes beyond confirming completion status and staff recommendation. The council packet is the repository for the full project agreement and conditions tied to the LMI award.
