Affordable Housing Loan Awards

Summary

The City Council is adopting a resolution to approve affordable housing loan awards to eligible respondents to the 2025 Affordable Housing Notice of Funding Availability. The resolution authorizes loans to two affordable housing developments, The Don Shalvey Apartment project and the Danny Drive project, and allocates up to 108 and 66 units of affordable housing, respectively. The City Manager is authorized to de-obligate and reallocate funding allocations if any project is unable to meet the underwriting and general requirements of the 2025 NOFA.

Details

Subject

Affordable Housing Loan Awards

Summary

The City Council is adopting a resolution to approve affordable housing loan awards to eligible respondents to the 2025 Affordable Housing Notice of Funding Availability. The resolution authorizes loans to two affordable housing developments, The Don Shalvey Apartment project and the Danny Drive project, and allocates up to 108 and 66 units of affordable housing, respectively. The City Manager is authorized to de-obligate and reallocate funding allocations if any project is unable to meet the underwriting and general requirements of the 2025 NOFA.

Adopting Body

City Council

Resolution Number

26-0426