Amid a contentious Stockton City Council meeting that didn’t wrap until after midnight Tuesday, the council decided how to distribute millions in loans to affordable housing developers — and narrowly voted to lend roughly $5 million to two developers against the advice of city economic development staff.
The decision on the agenda Tuesday night focused on how to distribute millions the city has available in state and federal affordable housing money among multiple developers pitching projects that would, if completed, house Stockton’s lower-income residents.
After receiving applications from developers proposing to build new apartment complexes across the city — and judging each application according to the same standards — Stockton’s Economic Development Department recommended City Council lend $5 million to Visionary Home Builders to construct a 108-unit project, and about $4.2 million to the Delta Community Development Corporation to build a 66-unit complex…