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File #: 17-0507    Version: 1 Name: TEFRA Public Hearing - Crossings on Aston
Type: CC- Public Hearing Status: Agenda Ready
File created: 5/17/2017 In control: City Council
On agenda: 6/6/2017 Final action:
Title: PUBLIC HEARING - TEFRA PUBLIC HEARING - CROSSINGS ON ASTON, LOCATED AT 706-708 ASTON AVENUE / 1500-1555 JOHN RICHARDS WAY BACKGROUND: Crossings on Aston is an approved development that will provide 26 low-income duplex units, one manager unit and one unit to be used as a community room within 14 two-story duplex buildings on a 1.86-acre site. The development will include 24 3-bedroom units and three 1-bedroom units targeted to families earning between 30% and 60% of area median income. Confirmed financing for the $13.7 million project includes Housing Authority loan funds and a deferred developer fee. The project sponsor also seeks tax credit equity and loan proceeds from tax-exempt, private activity revenue bonds. Tax exempt bonds enable a project sponsor to borrow money at a lower cost to facilitate the development of projects that achieve a public purpose and that may not otherwise be feasible, such as development of affordable housing. All financial costs and obligations fo...
Sponsors: Housing and Community Services
Indexes: Mitigated Negative Declaration
Attachments: 1. Staff Report, 2. Attachment 1, 3. Attachment 2, 4. Resolution, 5. Presentation