City loan proposed for apartments.Byline: Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide Russo
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Eugene planners are ready to help a financially challenged downtown housing project get off the ground. The officials are recommending that the city loan the developer of the proposed WesTown on Eighth apartment complex $450,000 to help plug a $750,000 financing gap. The City Council, which must approve the loan, will consider the matter on Oct. 9. WesTown on West Eighth Avenue would be next to the WOW (1) (World Organization of Webmasters, Folsom, CA, www.joinwow.org) A membership organization for professionals who are involved with creating and maintaining Web sites. WOW also provides certification via testing centers throughout the U.S. Hall. The developer, Eugene-based Metropolitan Affordable Housing Corp., proposes to build 102 apartments for low- to moderate-income residents. The complex also would have nine combination residential-commercial spaces along West Eighth Avenue that could be rented as working and living spaces. The project is expected to cost $18.4 million, but Metropolitan Affordable Housing has about $17.7 million in hand, which has created the gap, said Stephanie Jennings, a housing finance analyst in the city's Planning and Development Department. Construction was to begin in March. But changes in the project's design and the fast-rising cost of construction materials led to the delay, said Greg Pitts, a consultant to Metropolitan Housing Corp. The new date for groundbreaking is Dec. 15, he said. With construction costs continuing to rise, "the key thing at this moment is to go ahead and get this darn thing built," Pitts said. The low-interest, three- to five-year loan would mainly come from city housing and downtown funds, Jennings said. Metropolitan expects to plug the rest of its financing gap - $300,000 - by borrowing money from a bank, then paying off that debt by seeking grants from nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. groups and private donors, said Richard Herman Richard Herman began serving as the Chancellor of the University of Illinois at Urbana-Champaign in 2005, having previously served there since 1998 as Provost and Vice Chancellor of Academic Affairs. , executive director of Metropolitan Affordable Housing. If the City Council doesn't approve the loan, Herman said, he would have to find other funding. If that occurs, then interest and construction costs could rise further, he said, making the financing gap bigger. "The project is going to be get built," Herman said, "but we would have to go out and find new sources of funding while at the same time costs keep going up." As an affordable housing project, WesTown on Eighth would be heavily subsidized sub·si·dize tr.v. sub·si·dized, sub·si·diz·ing, sub·si·diz·es 1. To assist or support with a subsidy. 2. To secure the assistance of by granting a subsidy. by the state and city. The state of Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. is providing tax credits to nonprofit Metropolitan Affordable Housing. The city already has agreed to give the developer $1 million in federal housing funds; the property, which was worth $570,000 when transferred last year; $210,000 in development charge waivers; and 20 years of property tax breaks. Metropolitan Affordable Housing has built five housing projects in Eugene and one in Springfield. They include Woodleaf Village, on Fox Hollow hollow 1. a depression. 2. contains a cavity. hollow back backbone has a downward curvature in the center. hollow horn a mythical disease of cattle in primitive communities; treated by removal of the horns. Road in south Eugene, and College Corner, on Mill Street near downtown Springfield. "There is a tremendous need for affordable housing, and we are excited about being able to build downtown," Herman said. The complex "will contribute to economic development downtown and it will be the start of revitalizing re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. that neighborhood," he said. |
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