Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
CDCU’s Gladhouse 3 recommended for full funding: eight for-sale homes to remain affordable
Summary
Staff recommended fully funding CDCU's Gladhouse 3 cottage-court project at $2,460,000; the eight units are proposed to be dedicated to households at 80% AMI or below and placed in a community land trust for long-term affordability.
Staff presented CDCU's Gladhouse 3 as an eight-unit cottage-court development with all units proposed at 80% of area median income or below. Staff said its recommendation was to fully fund Gladhouse 3 at $2,460,000 using a combination of housing development funds and the school-district family-housing fund, and noted CDCU's prior experience and ability to repay CRA funds quickly as reasons it ranked first in staff scoring.
Staff also described the financing structure as short-term 0% construction loans that will be repaid to the CRA and revolving down-payment assistance that supports initial and future buyers. The units would be placed in a community land trust to help ensure long-term affordability; staff recommended full funding and the board approved the allocations considered at the meeting.
