URA Reports to Council on 61 New and Renovated Affordable Units Created Through the 2023 Housing Bond.

• The nearly $31.6 million bond, issued in partnership with the City, was provided to the Urban Redevelopment Authority(URA) in December 2023 to address the city’s housing crisis.
• Funds became available to developers in June 2024.
• The URA has used $3.25 million from the bond, with an additional $20.5 million from various sources for related projects, leading to:
• 7 preserved units for sale
• 23 preserved units for rent
• 31 newly affordable units for rent
• An average cost of roughly $51K per housing unit.
• Residents must have incomes at or below 80% of the Area Median Income (or $80,950 for a family of four) to qualify for the program.
• President Lavelle called for a follow-up meeting to discuss the report in more depth.

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