01/04/23
The Safety, Housing, Education and Homelessness Committee approved a proposed loan agreement for $8,139,000 between HOST and the Delwest Development Corporation for affordable units starting at 80% AMI.
The Department of Housing and Stability is starting the year off with one of its largest loan proposals for an affordable housing project.
The Safety, Housing, Education and Homelessness Committee approved a proposed loan agreement for $8,139,000 between HOST and the Delwest Development Corporation, through Holly LLLP, to provide gap financing for a 253-unit affordable housing complex in Northeast Park Hill.
The proposal will move to a City Council vote in the upcoming weeks and, if passed, the loan would be “the largest affordable housing gap financing amount to be brought forward for City Council approval since the formation of the Department of Housing Stability in late 2019,” according to HOST spokesperson Derek Woodbury.
Though it is the largest, it’s still in line with smaller projects HOST has worked with in terms of dollars per unit.
archive
