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The Housing Commission unanimously approved the Affordable Housing Fund plan as its planned annual allocation was reduced from $500,000 to $200,000 for the next five years. The City is also reserving available funds for Virginia Village, including an additional $925,000 acquisition appropriation.
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Less money will be available each year through the Affordable Housing Fund than previously planned. City resources are being reserved for Virginia Village, while commissioners raised concerns that setting aside other housing funds could limit their availability for ongoing needs. Staff also reported that rents for some affordable units were lowered to roughly 70% of area median income rates, although units remain classified at 80% of that measure.
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