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Oak Ridge Housing Authority announces $30.5 million preliminary funding for Scarborough project
Summary
The Oak Ridge Housing Authority told council it received a preliminary commitment of $18.5 million in tax-exempt bonds and $12 million in tax-credit equity — $30.5 million total — for the Scarborough development and will hold public meetings in July–August to discuss site design.
The Oak Ridge Housing Authority told the City Council that it has received a preliminary funding award for the Scarborough housing project totaling $30.5 million.
Maria Catron, executive director of the Oak Ridge Housing Authority, said the preliminary package includes $18,500,000 in tax-exempt bonds and $12,000,000 in tax-credit equity. Catron said the authority will move forward with required steps to complete funding and that community meetings on site design are planned in July and August to solicit public input.
"We're going back to the community," Catron told council, adding that staff will work in earnest to develop the site and that the project will include community involvement in the design. Catron said the preliminary commitment enables the authority to proceed with planning but did not say construction has begun; she said detailed design and additional steps remain.
Mayor Warren Gooch and council members thanked the housing authority staff and highlighted the project's role in local housing strategy. Council did not take a separate vote on the funding announcement; staff said the financing commitment is preliminary and further approvals and community engagement will follow.
