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Applicant: project to target 30%–80% of AMI and pursue LIHTC and district gap financing
Summary
Applicant representatives said the redevelopment will target affordability between 30% and 80% of AMI, are under consideration with DHCD for Low‑Income Housing Tax Credits and other subsidies, and have early state LIHTC approval for a portion of financing.
Commissioners asked about the proposed affordability levels and financing status for the redevelopment. The applicant said units would range from roughly 30% to 80% of area median income to align with DHCD scoring for affordable housing applications and to maximize eligibility for tax credit programs.
The applicant said they have received a green light on a portion of financing tied to state low‑income housing tax credits and continue to seek DHCD gap financing and other subsidies, including local rent supplement programs. Final unit affordability totals and the completion schedule are contingent on securing those subsidies.
