• Approves a $3.8 million loan to developer in connection with the construction of 108-units of affordable housing as part of a multi-location development

Finance Committee · 2026-06-02 · agenda_item

A multi-location affordable housing project is planned, involving the construction of 108 dwelling units. The project includes three specific sites: Tracy Road (1.81 acres) with 35 one-bedroom units, Justina Court (1.61 acres) with 35 one-bedroom units, and Ricker Road (3.22 acres) with 38 townhome-style units. The developer is required to make a minimum capital investment of $18.4 million. This project is currently under review, with a $3.8 million loan from the city to be funded later and due upon project completion. Construction is expected to begin within 9 months of agreement execution and finish within 30 months, with potential for a 6-month extension. The scope of work will likely involve site preparation, utility installation, foundation and framing, mechanical and finish trades, and landscaping. Contractors, suppliers, and service providers in construction, real estate development, and material supply could find opportunities by engaging early, before bids and permits are finalized.

loan amount

3.8 million dollars

dwelling units

108 units

minimum capital investment

18.4 million dollars

interest rate

1 %

interest only payment period

20 years

AMI percentage

60 %

Tracy Road acreage

1.81 acres

Tracy Road units

35 one-bedroom units

Justina Court acreage

1.61 acres

Justina Court units

35 one-bedroom units

Ricker Road acreage

3.22 acres

Ricker Road units

38 townhome-style units

construction commencement window

9 months

construction completion window

30 months

performance schedule extension

6 months

mortgage priority

fifth priority

JHFA bonds authorization

16.625 million dollars