Magna board discusses using redevelopment affordable-housing set-aside to aid essential workers
Board members discussed available redevelopment funds—staff said about $2 million may remain in one area—and a proposal from Board Member Michael Jensen to use affordable-housing set-aside dollars to provide down-payment assistance for essential workers, with deed restrictions and repayment terms.
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Board Member Michael Jensen asked staff for updated accounting of redevelopment funds and said he believed roughly $2 million remained in one redevelopment area that could be considered for affordable housing purposes. Jensen described a potential program to help "essential professionals"—younger police officers, firefighters, nurses and teachers—by providing down-payment assistance tied to deed restrictions requiring repayment if the property is later sold.
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