Mayor Jon Mitchell announced in June more than $11.2 million in funding for new housing developments that will revitalize key sites and create nearly 150 new units. The five grant recipients will receive funds from the ARP-funded Housing Expansion Initiative, which supports large-scale housing projects that are shovel-ready and will directly assist in the creation of new units for people with household incomes at or below the area median income. The awards will support and leverage private investments to fill funding gaps and move the projects toward construction.
Update:
Mayor Mitchell announced the five projects receiving ARP funds which will leverage over $70 million in development cost. The majority of the 149 new units will be income-restricted, for households and earners making various percentages of the area median income.
“These developments will energize neighborhoods and provide much-needed new units,” Mayor Jon Mitchell said. “When we announced the Housing Expansion Initiative, we asked for projects that were shovel-ready and already utilizing other funding sources, but just needed a bit more support to get over the top. Given the current pace of inflation and the intensifying demand for housing, we want to get funds out the door promptly.”
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