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Title:
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A bill for an ordinance approving a proposed Loan Agreement between the City and County of Denver and Renaissance Housing Development Corporation, to receive HOME Program funds for the development of the Renaissance Stout Street Lofts.
(BUSINESS, WORKFORCE & SUSTAINABILITY) Approves a performance-based deferred loan for 40 years of $1,000,000 in Home Investment Partnership Program (HOME) funds to Renaissance Housing Development Corporation for the development of their new Renaissance Stout Street Lofts affordable rental units to be located on Stout Street between 21st and 22nd Streets in the Five Points Neighborhood. Terms of the loan require the project to remain affordable and maintain 8 units restricted per the City’s Rental Covenant agreement request. The last regularly scheduled Council meeting within the 30-day review period is on 12-26-12. The Committee approved filing this bill by consent on 11-15-12.
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