City moves forward with $5 million affordable housing incentive program

Flagstaff voters approved $5 million in bonds for affordable housing last year, and now the City Council is figuring out how to use it. Developers who are approved would get a loan from the city to be paid back in 30 years when the affordability requirement lapsed. There will be an option to keep the units affordable for another 20 years, after which repayment would be postponed and possibly be forgiven. Applications could open by the end of the year, but developers would need to secure other funding as well, since the incentive amounts aren’t enough to finance an entire project.

Source: https://azdailysun.com/news/local/govt-and-politics/city-moves-forward-with-5-million-affordable-housing-incentive-program/article_86df33d2-81e0-11ee-88d0-6fe75db388bd.html