GAINESVILLE, Fla. (WCJB) — City commissioners unanimously approved a $460,000 loan Thursday to support a proposed affordable housing development in northeast Gainesville.
The loan, drawn from the city’s ConnectFree grant program, will serve as a local contribution to strengthen the project’s application for low-income housing tax credits through the state.
About the project
The development, called Hope at Debra Heights, would bring 96 units across four three-story buildings to a six-acre wooded property along Northeast Second Street. The roughly $31 million project would include one-, two- and three-bedroom apartments for residents earning up to 70% of the Gainesville area median income.
The city received two applications for its local government funding. The Affordable Housing Advisory Committee ranked Hope at Debra Heights highest among the applicants.
Previous application, next steps
Project leaders have applied for the state funding before but were not selected. If the project does not receive the tax credits this cycle, city leaders said the $460,000 will remain in the ConnectFree program for other eligible projects…