City Council passed a measure today to issue up to $14 million in Multi-Family Housing Loan Funds to finance the rehabilitation of the Churchview Supportive Living Apartments to preserve 86 studio and one-bedroom apartments for seniors at or below 50% of the area median income (AMI). The Churchview Supportive Living facility and its sister facility, Churchview Manor, are owned by Greater Southwest Development Corporation (GSDC) and are dedicated to senior residents. A moderate rehabilitation of the existing building is proposed to properly preserve and enhance this existing affordable housing and increase energy efficiency. Much of the proposed scope of work involves replacing existing mechanical equipment, plumbing fixtures, cabinetry and countertops, appliances, floor/wall/ceiling finishes, roofing, masonry repairs, and other exterior improvements. The total development cost is estimated at approximately $20,000,000 and will be funded with a carryover of $4,000,000 in CDBG funds, a $4,000,000 HOME loan, $500,000 in donation tax credits, and tax-exempt bonds up to $14,000,000.

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