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Board hears timeline and financing update for Bluestone tax‑credit project
Summary
Staff reported a near-term closing with a community development lender to pay off portions of financing, described HOHA's general‑partner role on the tax‑credit property, and flagged construction start deadlines that could affect tax‑credit preservation.
Michael updated the board on the Bluestone Townsettle tax‑credit development, saying the authority "anticipate[s] closing next week" with a community development financial institution and that those funds will be used to pay off portions of the project's financing so infrastructure work can begin. He said the authority will act as general partner for the senior multifamily portion and described the expected flow of predevelopment funds to cover interest and other carrying costs.
Board members discussed parcel modifications and affordability targeting. Michael said the planning commission had unanimously approved removing an 80% AMI restriction on certain parcels to allow broader eligibility and better marketability, while noting the tight timeline tied to tax‑credit construction start requirements. The board asked staff to continue coordinating permits, underwriting and contractor selection to meet those deadlines.
